If you can’t pay your credit card debt at a 20 to 30% interest rate chances are you’re not going to be able to make the payments at a 10% rate either. All that’s going to happen is the credit card companies are going to tighten their requirements to receive credit, slash credit limits, and possibly even raise minimum payment requirements to make up the difference from lost interest payments. Meanwhile, the consumer credit crunch will just put the dampers on consumer spending putting further recessionary pressure on the overall economy. The real problem here was debt issuance and easy credit to begin with. I don’t think there’s a simple fix to this, especially not one so simplified is just arbitrarily changing interest rates. It’s just more of the same. Intervention, intervention, intervention, trying to avoid the painful consequences and the reset that needs to occur in order for healthy growth to begin once again. #StaySovereign #sovereignOne #NothingButLead #bitcoin #BTC #privacy #sovereignty #zaps #mining #lightning #nostr #pleb #plebchain #newstr #Rothbard #ProofOfWork #technology #history #economics #austrians #finance #news #liberty #libertarian