People went under massive credit card debts due to current economic recession.
Many people lost their jobs or were facing reduced salaries and working hours.
This situation led them to take more and more loans to meet their daily expenditure.
The recession was not going to end any sooner so the loans were not returned on time.
Their debts became massive and massive within time due to all the added interest and surcharges.
The companies, on the other hand, which gave out of control loans to earn more and more money out of interest, were unable to get the money back on time.
They were on the verge of bankruptcy and under massive debts too.
This situation caused the US economy to decline at a high rate and something had to be done to support it.
The government, as a result, came out with the bailout plan.
Through this plan, billions of dollars known as the stimulus money were immediately released in the economy.
The point of focus was the big banks and other major financial institutions of the country.
The stimulus money helped these businesses to overcome their debts and they offered attractive debt relief options for common consumers to get rid of their debts.
The relief options allow you to overcome massive debts by getting debt forgiveness.
It is the debt settlement program which allows you to have your debt significantly reduced so that you can pay the remaining debt easily.
It involves negotiations with the lender to get as much reduction in debt as possible.
The lender grants you reduction in debt after thoroughly investigating your current financial status.
More poorly, your financial condition is depicted the more reduction in debt you get.
On the other hand, if your debt is not that massive then you can take a cheap consolidation loan to pay off the expensive debt.
The loan can be returned on easy terms in an extended time period.
The stimulus money has certainly brought in view many relief programs which are extremely beneficial for you eliminate your debts and live a debt free life.