subject: Obama's Stimulus Bills And How It Can Help Us All Reduce Unsecured Debt [print this page] The ordinary individual or small businessman has not received any benefit directly from the stimulus bill put forth by the President. Yet, the same stimulus package is helping small businessmen and others get rid of huge amounts of unsecured debt that they have built up over the years and which is pushing them towards bankruptcy.
The stimulus package was offered to big lenders and credit card issuers. The package helped them avoid bankruptcy. However, the package was offered on the condition that unsecured lenders would put in their contribution to help borrowers. They were forced to shed their aggressive approach directed towards earning huge profits.
Obama has openly described small businesses as very essential of the economic recovery. The growth rate of small businesses has been the lowest in the decades. For the past ten years, small businesses and small entrepreneurs have been creating new jobs in the economy. Despite the fact that big companies and firms grab all the publicity, it is the small businessmen who help generate growth in the economy.
Lenders are offering generous waivers, easy consolidation loans and other remedies to help borrowers get out of debt. The fact that the stingy and greedy credit card issuers are ready to waive as much as 70 % of the amount owed is clear proof that the stimulus package has achieved its objective. The losses suffered by lenders are being met out of the stimulus package. The financial stability of lenders is no longer suspect.
Considering the facts and circumstances, you stand to gain a lot by seeking waivers on your debt. The important question here is whether you need the waiver. The waiver will lead to a huge fall in your credit score. Hence, you should use the stimulus package and the generous debt reduction option only if you already suffer from a poor credit score.
If you have received a call from your lender offering a settlement, you should quickly analyze the pros and cons and take a quick decision. The offer will last only as long as the stimulus package lasts. Once the package is withdrawn, lenders will go back to their old methods.
If you are over $10,000 in unsecured debt it would be wise to utilize a debt relief network instead of going directly to a debt settlement company. Using a debt relief network guarantees that the debt settlement company you choose has been certified and has established success in negotiating settlements. They are free to use and a good starting point to begin your debt relief process.
