The recession has been hard on both consumers and businesses alike. With the economy in a downhill spiral and job losses increasing, consumers are searching for some manner of debt settlement in order that they may also eliminate debt. President Obama’s stimulus plan to aid the weakening financial companies has produced a great atmosphere for consumers to eliminate their debts for pennies on the dollar.
Now that struggling creditors are in possession of stimulus dollars, consumers in an improved situation to settle outstanding debts and can reduce up to 70% of their unsecured debt. Creditors are taking stimulus money to make up for losses on accounts that are delinquent or defaulted. As a result, they are open to nearly any type of proposal to close these overdue accounts. At the end of the day they are businesses; they would like to receive some revenue from their debtors even if it is only a small portion of the total amount.