Obama's economic stimulus payment program is set to help Americans keep more of their hard-earned money in their pockets! It is a program designed to keep you out of a tight financial spot and help you out of a financial crisis. But as with anything in our society, not everyone is going to be approved for this help, and there are eligibility requirements. What does this mean to you? Keep reading to find out!
First of all, it is important to understand that the government is not giving you a loan, although you may have heard of that term. They are simply providing you with an economic stimulus payment to make sure you make your monthly debt obligations. In addition, you can get additional debt counseling to help you figure out how you can better manage your debt, reduce your interest, and possibly even save money. If you meet the specific debt criteria, you can qualify to receive the funds and use it to pay down debt.
The purpose of this stimulus plan is to increase the economy and make things better for you and your family. When more people are able to make their minimum payments, it helps to increase demand and drive up prices. This means an increase in income, which will allow you to be able to pay off your debt quicker, which will also allow you to save money on interest, which means you can save money on overall debt payments.
If you are considering debt consolidation or settlement, the first thing you should do is contact a debt counselor to see if you qualify. While the exact eligibility requirements vary from company to company, they typically include: being current on all your bills; being over 18; and having enough available income to make at least six payments a month. Because of the changes in rules recently introduced by the government, debt settlement may no longer be the best option for you. Debt settlement will require you to pay a fee to the debt relief company, which may not be affordable if you are in dire need of assistance.
The stimulus plan also includes the Home Stimulus Plan, which aims to help homeowners who have suffered from financial hardships. The way this works is that the government will offer a loan to the homeowner at a low interest rate. The loan will cover the interest costs on any debts that you currently have and also any other expenses you have incurred because of the loss of your job. This is essentially free money that you never have to pay back. The best part is that you don't have to have a great credit score or a high debt to income ratio to qualify.
When you are looking for a home equity loan, it's important to know what you're getting yourself into. The Home Stimulus Plan has made it easier to qualify for a loan and lower your monthly payments, but you still have to qualify and act fast. Because the lenders are offering the loans, they are also increasing their requirements. Be aware of changes in the qualification criteria, as well as the amount of time it takes for you to get approved by your lender. . . . . . . When you don't get approved, you might be encouraged to get an alternate loan so that you can at least afford your mortgage.