August 11, 2011

INVESTOR’S BUSINESS DAILY: Debt Forgiveness: Who Does The Forgiving? “First, who will be forgiven and who will do the forgiving? Presumably it will be banks that have to forgive those who have taken on a larger mortgage than they could afford. Yet if banks have to take a loss on those mortgages, they may try to make it up with higher interest rates on other mortgages, higher interest rates on credit cards, or more fees on checking accounts. That means that many people who have acted responsibly with their money will also be doing the forgiving.”

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