Would it be good idea for those who are in credit card debt because of

[Massacure]

4. In which case, lower income people's access to credit would be curtailed

Pulling some data from Lending Club's website for example -

A-grade loans originating between Q1 2007 to Q3 2016 paid an average interest rate of 7.14% and the average net annualized return was 4.62% for investors. These stats were 10.6% and 5.79% for B-grade loans, 13.93% and 6.1% for C-grade, 17.42% and 5.91% for D-grade, 20.40% and 5.35% for E-grade, and 24.52% and 3.92% for FG-grade.

The difference between paying 24.52% and 7.14% on a 60 month, $10,000 loan is about $92.04 a month. I don't know how much that $92 per $10,000 borrowed difference will impact loan discharge rates, but I suspects it's not enough to go from 20-ish% to under 7%.