What would happen if the USA banned all interest loans including auto loans, mortgages, and credit cards?
What would happen if you could only buy things that you could actually afford?
Tags: 'interest, Auto, auto loan, banned, Cards, Credit, Happen, including, Loans, Mortgages, Would
Many would be riding camels to work and sleeping in cardboard boxes.
Then the economy would be broke and people wouldn’t have credit card debt.
the world would go to hell, and we’d become a 3rd wold country.
Michael Moore would make another funny movie
A lot more crime.
Chaos and lots of other bad stuff.
I would be out of a job! (I’m a bankruptcy specialist, lol)
But I think it would have a positive effect on many people and would generally be a good thing!
Our economy would collapse, and many countries would go down with us.
The worst depression the world has ever seen and millions of people starving to death.
The world depends on our economy and our economy depends on loans and credit.
Well banks would go under because they would be unable to turn any real profit. People would live simpler lives, the cost of a home would come drastically down because people couldn’t afford to buy them.
Most people would be forced to take the public transit system or ride bikes. Since few could afford a car, the auto industry would collapse in the USA and companies would be providing low cost alternatives such as mopeds and those motorbikes that can carry people on the side.
Life would be simpler and people would largely be debt free. I mean who is going to offer a loan if they aren’t payed interest on it? The rich would become vastly richer and the poor would become much poorer. Without the opportunity to gain any financial aid, it would be almost impossible to start up a business or get funding for any products or initiatives.
The Economy would Crash
The Economy would spiral into deflation
You DON’T WANT TO BE THERE !!!!