Innovative ways to stimulate the economy: Let consumers deduct credit card interest

This is the first in a series of Innovative Ways to Stimulate the Economy suggested by DailyFinance contributors.

As federal stimulus starts to take shape, various groups are loudly clamoring for their right to a piece of the pie. The financial services sector claims its right based on the need to improve liquidity in the markets and its supposed expertise in dealing with large sums of money. Meanwhile, people who are living paycheck-to-paycheck are pointing out that paying down credit card debt and avoiding foreclosure, while not necessarily flashy, go a long way toward keeping the economy afloat.

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