America is in a sad state right now. Credit card debt is at an all time high and so are interest rates. There are many causes, but few solutions.
Many institutions are claiming that they can help lower your debt, lower your monthly payments… bah! It's all garbage. While I'm not trying to solve the root of the problem, I am at least proposing a solution to the problem.
The best way for you to get out of debt is to stop spending on your credit card. Next, get a personal loan from a bank that has a much lower interest rate than your credit card, and use that personal loan to pay off your credit card. With the drop in interest rate you'll finally be able to pay off that nasty CC debt and get on top of your financial situation.
Why aren't people doing this already? Some might not now about this solution, others may find there is no way that a bank will finance a personal loan for them because their credit is so bad. Still others may find that the rate they will receive on their personal loan is more, or equal to their CC interest rates.
The solution that I propose is a little over-the-top, a little new-age, and a lot cutting edge. If people were to group themselves together, the power of a group would be enough to convince a bank to offer each individual in the group a rate based partly off of their individual evaluation and partly off the power of the group. Since the bank is getting more business, they will gladly drop interest rates a few points and give out loans to higher risk people. Imagine 1000 people going to a bank to get a group rate on personal loans. Not only will they get better rates, but people that wouldn't be able to get loans before will now be able to. Increase those numbers by 100 or 1000 and you've got a revolution on your hands!
That would really make an impact on the CC companies that are taking advantage of Americans!
