Citizens United Against COVID-19 (CUAC) seeks and promotes ideas to fight COVID-19 and the devastating financial harm it’s causing. Thus far one idea has been promulgated that could put millions of dollars to use to combat financial problems brought on by COVID-19 and the shutdowns it has caused. A second idea is that idle stadiums used for professional sports be used as staging venues for relief efforts, as sites for testing or as storage areas for medical supplies. Another idea is for the credit bureaus to refrain from changing credit scores for 6 months. Another is for banks to cut the interest charged on credit cards.
IDEA ONE is that credit-card issuing banks lower the interest charged on credit cards to 10% or less (maybe even 0%) for the next 6 months or a year. These banks stand to make huge profits from the vast increase in use of credit cards for purchases and cash advances. The interest rate on many credit cards is 20% or higher and many folks who use cards sparingly or pay off balances monthly are likely to find themselves building large balances at very high interest rates. People who’ve never used credit cards will surely start using them and may struggle for a while to pay the balances they build up along with the interest.
IDEA TWO is that the 40+ states and territories that spend collectively more than $60 million in advertising dollars stop advertising their lotteries for 6 months or a year and reallocate those ad dollars for use against COVID-19 and the financial harm caused by it.
These ideas were put forth by graduates of a Maryland high school who’ve been sharing ideas about fighting COVID-19 and its financial devastation.
Eddie Penfield of Silver Spring, MD, came up with the idea that banks, which have volunteered millions to help fight COVID-19 and its economic hardships, could get a black eye when millions of folks using their cards start struggling to pay their balances and the high interest rates. He recognized that credit-card issuing banks will rake in millions more than usual in the fees they get each time a credit card is swiped. He felt that these banks could help millions of people by lowering their interest rates on purchases and cash advances for 6 months or a year.
IDEA TWO was promulgated by Bob Lindstedt of Laurel, MD. He recognized that anybody over the age of five knows that his or her state or territory has a lottery. The millions spent advertising a product that is already widely known seems frivolous at this time. Those millions in ad dollars could be put to use to fight COVID-19 and the devastating financial harm it’s causing. People struggling financially who’ve never bought lottery tickets may be tempted to buy lottery tickets in hopes of offsetting or overcoming completely their financial woes. Regular lottery ticket buyers certainly don’t need to be told in ads that they can get rich playing the lottery.
Citizens United Against COVID-19 (CUAC) spokesman Jim Roberts said CUAC is a newly formed think tank created by graduates of Our Lady of Good Counsel High School, which is in Olney, MD, in an effort to come up with ideas to fight COVID-19 and the hardships the virus is causing. Perhaps the best known graduate of Good Counsel High is NFL wide receiver Stefon Diggs who was just acquired from the Minnesota Viking by the Buffalo Bills.
IDEA THREE came from Good Counsel High graduate Jerry Kovack. That’s the idea that idle professional sports stadiums be used for staging relief efforts or for COVID-19 testing or for storing medical supplies. College stadiums could also be used.
IDEA FOUR came from Roberts of Little River, SC. Credit bureaus should refrain from changing credit scores for 6 months. People with scores of 800 and up have lost jobs and may miss mortgage payments for the first time. Others with strong credit scores will likely be late on some payments and may take on credit card debt or other debt that can affect their credit scores. Many people recently laid off or soon to be laid off will be working again hopefully soon.
Roberts said that the president’s office and the offices of legislators all over the country are being inundated with calls and emails about COVID-19 and many good ideas are yet to be discovered among the thousands of messages.
Roberts said he hopes that the creation of CUAC will result in many good ideas gaining traction that have yet to reach the ears of legislators and executives. He encourages folks with unique helpful ideas to email him at [email protected]
We have other ideas coming in. For questions about this release or about Citizens United Against COVID-19 call Jim Roberts at 443-761-5168.