Hi all. Haven't posted in eons. I just found out that my Discover card has gone to 12.99% and will go to 16.99% in November. No reason - they just feel like it. (I had a late payment, called to see if I could have the fee waived since I've never had a late payment. A supervisor approved the reversal. While on the phone, discussed the rate increases and why). The rate increase has nothing to do with payment or limit records - they are raising rates across the board.
So a while later, a weird thought went through my head (oddly, weird thoughts go through my head often, but that's another thread!). What would happen, i.e. to the economy, CCs, courts, etc., if most of the people with increased interest rates just said heck with it and filed bankrupty claims?
Even if a large amount of people eventually dropped the claims, what would happen to the economy? Courts and lawyers would be inundated with work. What would happen to our financial structure if large amounts of people were able to erase or dramatically lower their debts?
Any economists out there?
