Obama's Stimulus Money and How it Can Help You Eliminate Credit Card Debt

Obama's stimulus money has been offered to credit card issuers, financial institutions and big time lenders. How will it help you get rid of your debts? The money has been provided under the implicit understanding that the credit card issuers shall provide a fair deal to their customers. Further, Obama's stimulus has created an environment where credit card issuers stand to gain more by getting rid of those borrowers who are not in a position to pay their debts on time. Rather than initiating litigation or pushing them towards bankruptcy, the stimulus money is used to simply get rid of debts by offering big discounts.

Riding on the confidence that Obama's stimulus money has provided to the economy, credit card issuers are taking up those debts above ten thousand dollars and due for many months. The issuers are offering a waiver of up to 50% to 60% of the debt amount. This translates into a $4000 repayment on a $10000 loan. Such settlements were common in the past as well. However, creditors are not just ready to offer a waiver but are ready to accept repayment of the remaining amount in installments. This generosity must be credited to the presence of Obama's stimulus money in the market.

Deal through a debt settlement company and open an escrow account where you will deposit money on a regular basis. You will have to make repayments until the settled loan amount has been cleared. The generous terms of settlement shall be available as long as Obama's stimulus money is circulating in the market. Once the economy improves, the government shall withdraw its stimulus plan. Once the issuers lose the support of Obama's stimulus money, they may not be so keen on providing huge waivers. What is more, once the economy improves and the number of bankruptcies comes down, credit card issuers may not think twice of pushing a borrower towards bankruptcy if they feel this will help them get a full repayment. As on date, taking such a risk is neither feasible, nor advisable for credit card issuers.

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