Reply #4: Sorry friend, but as much as I hate CCs and CC companies,

[MadHound]

Your plan would be absolute disaster to this country and throw us into one hell of a recession, if not a depression. Right now there is aprox 3 trillion dollars in outstanding CC debt, and if we wiped this debt off the books, it would not only put many many banks, big and small, out of business, but many large and small businesses also. The disposable income that it generated would in no way shape or form make up for these staggering losses.

If you want to punish the CC companies, rather than forgive the debt, have every single card holder pay off their debt, and then cut up their cards and never, ever use a CC again. It would be gradual enough that it wouldn't wreck our economy, and targeted enough that it wouldn't take down everybody else with it.