The economic downturn has been difficult for both businesses and consumers alike. With the economy still struggling and unemployment running rampart, consumers are searching for some form of debt relief so that they too can eliminate debt. President Obama’s stimulus package to help the struggling financial institutions has resulted in a great environment for consumers to settle their debts for pennies on the dollar.
Now that struggling lenders are now flush with stimulus money, consumers are in an improved position to arrange debt settlements that can reduce their unsecured debt by as much as 70%. Creditors can now offset any losses from delinquent or defaulted accounts using stimulus money. They are amenable to almost any type of offer to settle these outstanding debts. At the end of the day they are business; they will always choose to recover some money from their customers opposed to allowing customers to fall into bankruptcy, which greatly reduces any possibility of repayment.