Create a "Credit Forgiveness Act"

The current credit system makes it impossible for those with bad credit to purchase goods at a reasonable interest rate. The higher the interest, the more difficult it is to make payments – making it MORE likely for defaults to occur. The economic crisis has generated a mass of credit problems for many Americans due to loss of jobs, foreclosures, and inability to make loan payments. Most Americans are good consumers who pay bills on time, but because of a rare personal financial crisis, get mired in years of bad credit that costs them thousands of dollars in interest. Consider a bill that would “forgive” someone’s credit score, reset it, and give them a clean slate to start a new life. This should be something that everyone can get only ONCE in a lifetime and have rules and restrictions.