Every day we hear the news about the controversial stimulus package. We sit back and wonder how that will help us directly. Each of us has a unique perspective on the stimulus, and we all have different needs, where, when and how the stimulus can personally help or not.
Many Americans are asking for a stimulus package to help the average citizen. People today need help with rent and mortgage. Even keeping food on the table has become a challenge as food prices skyrocketed over the past year.
Earlier stimulus packages sent discount checks directly to taxpayers. Most of the money paid directly to the people was simply passed on to creditors to pay off their debts. The earlier attempts to boost the economy have simply sent money into the pockets of banks and credit card companies. The current stimulus plan does not include provisions to send money directly to people, and most people’s debt continues to grow.
For a person with overwhelming debt, any incentive received would be used to pay off that debt. Without the help of the government, many people find that they can put together their own personal economic stimulus package by eliminating 100% of their debts from credit cards and personal loans. Instead of waiting for help, they take responsibility for their own financial future. Of course, personal responsibility is what this country was founded on.
With no debts and no monthly credit card payments, hundreds of dollars a month in capital, interest and other fees are saved. For some people, this can save thousands of dollars a year. It could also be the difference between financial convenience and bankruptcy.
A debt elimination program does not apply to secured debts such as mortgages and car loans. Student loans and medical bills do not apply either. But without the credit card payments, extra cash would be available to pay for other life obligations.
The debt relief program is not for everyone. It is imperative that some time be planned to understand how and why debt can be wiped out. An elimination program is not bankruptcy, consolidation or home equity financing. A basic understanding of the premise of the program will also remove any fears that someone may have about furthering this debt relief method.
A person does not have to become a lawyer to understand this process. They only have to be open to unknown information. Given the thousands of dollars of debt that can be eliminated, this is a good time. There is also no cost to gain that understanding, because these are not secret information, hard to find. You will not be rewarded with this knowledge by our most important sources of information such as television, newspapers, staff and our parents.
By taking control of your debt, you initiate your personal recovery plan. And you do not need an act of Congress to accomplish that. A little knowledge can free you.