subject: How the Stimulus Package Helped Credit Card Companies to Provide Beneficial Help to You? [print this page] The recent financial tsunami has a very devastating impact over the whole US economy as in the capitalistic economy everything is related with each other and the destabilization of one sector due to this turmoil resulted in chain effect which gripped the whole economy into its clutches and started to lead it towards recession. As I said, in the capitalistic economy everything is interrelated with each other so when this turmoil hit the economy it wiped out all the people's resources and most especially the credit card debtors as they lost their streams of regular incomes such as their lucrative jobs from where they were getting sufficient income to repay their liabilities and live a prosperous life.
But the turmoil destroyed everything and left thousands of debtors helpless in the repayments of their massive unsecured credits. At this stage, the government intervened and took several highly beneficial steps which up to some extent stabilize the economy and bring the billions of dollars of capital in the country again.
At this stage, the unfair practices of credit card companies revealed their myths and resulted in the increase of consumer bankruptcy rate because these companies charged their consumers with an escalating rate of interest and imposed massive amount of penalties for non payers and even for delays. That's why the base borrowed amount of the debtors multiplied and almost became double. It was a dilemma as on the one hand, the credit card issuers were exploiting them and on the other hand, all of their resources were destroying the financial tsunami. That's why thousands of debtors approached for filing of bankruptcy. At this stage the government intervened because if the situation prevailed and it would've existed for a long time then it would have had a very effective impact over the recently rescued financial system. That's why the government has offered billions of dollars in the shape of stimulus money in order to enable credit card companies to grant relief such as reduction, elimination and other relief in the massive credit of debtors. Now you can avail the significant reduction in your loan by your creditors as it is supported by stimulus money.
Debt settlement is a legitimate alternative to filing for bankruptcy. Most people are able to eliminate at least 50% of their unsecured debt when the process is complete. There are also other debt relief options available which is why it would be wise to speak with a debt relief specialist.
How the Stimulus Package Helped Credit Card Companies to Provide Beneficial Help to You?
