Credit Card Debt Relief –How Obama's Stimulus Package Can Help You With Credit Card Debt

Credit Card Debt Relief How Obama's Stimulus Package Can Help You With Credit Card Debt

In February 2009, an economic stimulus package with the amount of $787 billion was approved by the federal government to assist the US economic growth after a serious hit by the global economy crisis. However, in the point of view of many Americans, especially those who are knee deep in credit card debt, this stimulus package doesn't help much. There is no specific grant awarded to assist the card holders to overcome their debt issues. Is it really true?

In my personal viewpoint, it is not proper for the government to offer special grant for people who are drowning in credit card debt. We should not expect the government to "force" all the banks and financial institutions to stop collecting debts from the card holders. In fact, the US government is working hard to give lending hand to its citizens to overcome their financial difficulties. It is an indirect assistance. Let me share with you how to make use of the government support wisely. We start from the taxation.

Under the new stimulus package, the government is reducing the burden of the tax payers. In other words, the tax payers are entitled for more tax refund. If you contributed a lot of tax last year, it is time for you to get your tax refund to eliminate your outstanding balances on your card statements. Next, let's take a look at the job opportunities in United States. Right after the financial crisis, many corporations have been closed down and many people have been retrenched. The unemployment rate was extremely high in 2009. The stimulus package is aimed to provide financial support to the employers and create more job opportunities for the citizens. The principle is simple. By having secured jobs, the credit card holders will be able to pay back their outstanding balances with their monthly income.

On the other hand, what happen to those people who are currently jobless? With the assistance of the stimulus package, for people who are currently unemployed, they are entitled for unemployed benefits. Although the amount is small, if you utilize it in a smart way with proper budget, you will be able to reduce your outstanding balances on your monthly statements gradually. Seriously speaking, there is no short cut to reduce your credit card debt overnight even with the assistance and support given by the federal government. What we can do is to make use of the stimulus package with the right strategy so that your debt can be eliminated smoothly.

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