Similar systems are already in place in the U.K., Australia, and New Zealand, and Wisconsin Representative Tom Petri plans to introduce the idea to Congress as soon as this week, reports Bloomberg.
Rather than paying huge fees to third-party bill collectors, the government would debit borrowers’ paychecks at an amount capped at 15% of income after basic living expenses.
3 comments:
Excellent! But $1 trillion debt,15% of income is laughable amount. Some more feel good laws.
Depending on how expensive an area the person lives in, there may not be much left after basic living expenses.
Sallie Mae and US Funds who call you to tell you to call Sallie Mae have no idea what basic economics are. If I make under 30,000 a year (yes I do) I would be willing to have a regular deduction made as long as it actually makes the debt go down and not get suck into the endless whirlpool of fees and interest penalties
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