I am concerned for the long-term financial stability of my community and country. I think, in response to the COVID-19 outbreak and resulting mandatory business closures and consequent layoffs, that all federal and private banks and lenders should suspend daily compound interest of every loan type. Repayment due dates should be suspended for now, and late fees waived. If Americans who have been told that they are unable to work continue to accrue debt while simultaneously their opportunities for earning wages have been cut off through mandates and a flooded job-seeker environment, then their long-term recovery from this is surely to be devastatingly difficult.
There is no reason why lenders should profit outrageously at the expense of the larger economic fiscal health of this country. Allowing the indebtedness of the American workforce and small businesses to spiral in the short term as we grapple with COVID-19 is shortsighted and will worsen the recovery effort. Small businesses need this break so that they will be poised to reopen and re-employ staff. Let’s halt debt accrual right now to protect this country’s ability to provide an opportunity for the individuals and businesses to recover as expediently as possible.
— Mary Lamb
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