At Last, the solution for the countrys financial problems

Mny people have wondered how it all happened , and here is my take on it.

In 1966 , or so, came the advent of universal credit cards, where people could buy things and put it on credit at the bank. Now the banks , at that time , would charge a small interest rate, of about 8-9%, and collect a 3% fee from the merchant.

Very well accepted by the public, as they could not foresee the future, where the interest on the credit card went rampant, and fees on late payment went up.

This had two adverse effects, it took money our of the pockets of the buyers, and it took money out of the pockets of the merchants, until the credit cards payments overwhelmed the buyers. Then the credit card companies started offering them to everyone, and everyone took the bait.

Now the public is stuck with the tremendous credit card payments , and that is affecting the economy as the money is going into the banks and not coming out

The solution may be to impose a credit card interest limit of 105 on credit card balances, and , in the interest of the economy, phasing out credit cards over a 5 year term, making the public switch to cash , or check, economy.

It would not eliminate credit purchases, but just make the buyer secure individual loans from the lenders for their purchasers, or from the vendors.

Won't be acceptable to all, but nothing ever is.