Credit Card Debt Causes Global Warming.

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I predicted todays economic woes over two years ago, and I predicted it would be the credit card industry that would lead the way.

If Global Warming is man made, then excessively high credit card interest rates must be reined in to help stop global warming. Inflated interest rates on borrowed debt cause consumers to work many many additional hours just to pay off the interest on their debts. This additional work time contributes to overconsumption of precious resources. If a consumer has to work 10 extra hours a week to pay off high interest rates on their debt then all of their job activities that directly relate to paying off excessively high interest rates contribute to overconsumption of the planet's resources.

Paying down real debt would be possible if high interest rates were not attached. Ultimately, the less debt each person has, the less that person MUST work just to "survive". At some point, less work means less stress on the planet's resources. Credit Card companies and their life changing interest rates must be reined in.

However, it doesn't end there. Consumers must agree to run up less debt as well. If banks cap total interest paid on a debt, the customer should also behave responsibly and not run up new debt on the knowledge that they will pay less overall interest on the same amount of debt. However, even if they did run up the same debt again, the fact that it gets paid down faster means less additional work time is needed to pay down the interest aspect of it.

Could reasonable interest rates lead to people overconsuming? For some, yes, but for many who will finally get to feel the relief of no debt, they won't want to repeat this mistake again.

  Over Consumption is Bad.

A customer has 20 thousand dollars of debt. The Bank agrees to cap total interest they will charge to 10 thousand dollars, also known as 50% interest of the total that is owed, or a total interest paid cap. When the customer reaches the $10,000 interest rate cap threshold they are now given the option to pay off the rest of their debt without any further interest.

Suddenly, the customers entire monthly payment is going towards paying down their principal, and that is a good thing. Eventually this person is able to pay the debt off completely. Perhaps a slightly accelerated payment structure would be part of not having to pay additional interest. The banks may have reached the interest threshold, but at least they get the rest of their debt paid back faster. The customer now has to relearn to get by on less overall credit so they don't repeat past habits.

Maybe it doesn't matter? If the customer begins saving money, the bank will just reinvest it so they can pay interest to the account holder. The debtor is now saving money, but the bank must now find someone else who wants a loan. Nonetheless, it seems that paying excessive interest fees still causes overconsumption of global resources. Better to cap total interest paid so any product that is purchased on credit never exceeds a certain amount of total interest paid.

Creating a total interest paid cap may be the only way to legitimately pay down debt without filing for bankruptcy or overconsuming the earth's resources. Not only that, the creation of an indentured society over mathematical trickery can no longer be ignored. Not only is it just wrong, it's now going to adversely affect the entire planet's surface.