Debt Relief Programs - How to Use Federal Stimulus Dollars to Eliminate Personal Debt

Debt relief programs are available to consumers who find themselves in at least $10,000 in debt. President Obama has injected billions of dollars in federal stimulus money into our economy and it is now clear that it has reached the consumer level. The stimulus money initially went mainly to large financial institutions where the majority of consumer credit is originated. Major creditors including credit card companies, banks, and medical institutions are now using this stimulus money to offset their losses they incur through debt settlements. Creditors are being more favorable than ever when it comes to debt settlements and their has never been a better time to eliminate personal debt.

Debt relief programs are found mainly through debt settlement companies. In order to qualify for most programs, consumers must be in at least $10,000 in debt. Not all types of debts can be settled however. Student loan debt is rarely ever eliminated through a debt settlement. Other types of secured debt are more challenging to settle like a mortgage or car loan. With secured debt, the creditors have a tangible asset they can claim if you default so it is not as like they will agree to a settlement.

If you want to eliminate personal debt the best chances are through your unsecured debt. Unsecured debt has no tangible asset for the creditors to seize so if a consumer defaults the creditors won't receive a penny. Credit cards are the most common example. Credit card debt is the easiest to accumulate but is also the easiest to eliminate.

Complete defaults are rising at alarming rates and creditors are very worried about recovering their lent money. They are therefore agreeing to very generous debt settlements as they would rather receive a small percentage of money than none at all. It would be financially prudent of you to try and eliminate personal debt while the conditions are so favorable. The government stimulus money will not last forever and when it runs out the creditors will not be so generous.

If you want to get out of debt and hire a debt settlement company for debt negotiation then I have an important piece of advice. Do Not go directly to a particular debt settlement company but rather first go to a debt relief network who is affiliated with several legitimate debt companies. In order to be in the debt relief network, the debt settlement companies must prove a track record of successfully negotiating and eliminating debt. They must also pass an ethical standards test. Going through a debt relief network will ensure that the debt company you are provided with is a legitimate and respected company. This is the most efficient way in finding the best debt settlement companies and increasing your chances of eliminating your debt.

FreeDebtSettlementAdvice.com is one of the largest and most respected debt relief networks on the marketplace today. To find a debt settlement company through FreeDebtSettlementAdvice.com check out the following link: