American consumers are taken advantage of financially by businesses and governments. Interest rates no matter how small or large should not be allowed to exceed the twice the value of the original debt. Under current laws even the lowest interest rates can guarantee that certain debts will never be completely paid off and people may spend their entire lives in debt. This is not just bad for the people in debt it is bad for the economy in whole. How can someone buy a new car if they spend their whole life paying on a debt that has ballooned to multiple times the amount it was originally? How can they buy a house? Numerous industries would see a boost in customers if potential customers didn't have to spend so many years paying debts with excessive interest.
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