Circle

A circle has many meanings but for many who are caught in a vicious circle of debt, it is difficult to escape.

With inflation escalating prices and credit cards as the only ones offering extended payments, because banks won’t lend, you are stuck in a cycle of increasing debt.

Like a domino effect, when catastrophic events occur, there is a greater need to borrow to cover the increases in insurance (if you can get it), rent, and housing availability.

With credit card companies charging usury interest rates as high as 36%, how can you escape the burden?

When I was first married, my brother and I needed to borrow money to start a small business. Banks wouldn’t lend to us as we had no credit history. We got an interest-free loan from the Jewish Free Loan Association, which we paid back.

Just like those stuck in poverty, climbing out of these absurdly high interest rates is extremely difficult.

During catastrophic events such as the disastrous fires in Southern California, the Governor has declared penalties and arrests for price gouging.

What about price (interest rates) gouging for those caught in a vicious circle?

The various governments who have control should adjust these high interest rates to a fair and modest amount because businesses should not take advantage of situations that harm the populace.

How about interest-free loans for rebuilding or to pay off credit card debt and the inflationary rise in the insurance industry?