The ordinary man on the street felt cheated when bulk of the stimulus package was directed towards big financial institutions and Wall Street businesses.
Firstly, the responsibility of the economic crisis can clearly be placed upon the shoulders of the Wall Street geniuses who took everybody for a ride.
Secondly, it is not unfair to expect that the government should take care of the ordinary man on the street as well.
While it may not have been announced in big manner, the truth is that you too can qualify for a debt bailout.
The only difference here is that the debt bailout of big businesses comes from the stimulus package offered by the government.
On the other hand, debt relief for the ordinary consumer comes from these financial institutions.
The percentage of debt settlement offered by these financial institutions has increased drastically.
Earlier, one or two customers in a thousand customers may, just may, have qualified for a settlement.
Even then, credit card issuers and other unsecured lenders tried to settle the debt for the highest amount possible.
Today, credit card issuers and other unsecured lenders have forgotten all about their balance sheet and their bottom line.
Today, they are struggling for their existence.
That is the reason why debt settlement or debt waivers have been offered to each and every individual who owes more than a specified amount or who is very irregular in making repayment.
The best part of the bailout is that you need not pay even a single cent to your lender beyond what is agreed.
If your lender agrees to offer a fifty to seventy percent waiver, then you just need to repay the remaining amount to the unsecured lender and your debt will come down to zero.
As if this was not enough, unsecured lenders are offering installment facility at affordable interest rates to those individuals who are not in a position to repay even thirty percent of the amount owed in full.
This may sound difficult to believe until you discover that there are individuals who owe forty or even sixty thousand dollars to their unsecured lenders.
One third of the amount ranges from fifteen to twenty thousand dollars.
Do you have twenty thousand dollars for lump sum payment today? Therein is the answer to your question about the installment facility offered by the unsecured lenders.
The purpose of offering these consumer debt bailouts is to prevent bankruptcy and encourage repayment of at least a partial amount.
Absence of installment facility will leave the consumer with no choice but to declare bankruptcy.