A best debt consolidation plan for California is being developed by a group of banks and credit unions that includes Credit Suisse and UBS, along with the largest banks in the state.
The plan, dubbed the California Debt Management Plan, is designed to consolidate the debts of people who make up a large portion of California’s credit card debtors.
The state has long relied on a credit card consolidation program that allows banks to charge higher interest rates on their loans, as long as they don’t make any payments to credit card issuers.
But the plan would allow the state to make more aggressive payments, such as by issuing bonds or issuing debt in the name of other businesses.
It also would allow California to create its own version of a mortgage.
“The best thing to do is consolidate the entire credit card industry,” said John Riesner, the president of the Credit Suse Credit Union in San Francisco, and a member of the state’s Credit Sucease, Debt Management, and Financial Services Committee.
He and other credit unions say the plan is being drafted to help reduce California’s debt load.
The group is also looking at ways to offer low-interest loans to help defray the cost of servicing credit card balances, said Chris Wigderson, the vice president of corporate and public affairs for UBS.
But he said the plan will only be effective if it is approved by the state legislature.
The debt consolidation bill, approved by California’s legislature on Tuesday, also includes measures to help people with student loans.
It requires California to develop a loan forgiveness program and to begin to offer loans in the names of other companies.
The law also requires the state Department of Finance to develop an alternative program for people with mortgages.
The credit unions are working with the state and other agencies to develop the plan.
The bill is being introduced as a companion to the state budget and is expected to pass.
The California Debt Reduction and Consolidation Act is a law passed by the California legislature in 2013, which created the state debt reduction plan.
Credit Sugeus and other banks have said they support the plan because it would reduce credit card costs and reduce the number of people relying on them.