Many households are so far in debt, more cash relief means getting bills paid.
Cash relief appears to be on the horizon for Americans, during the COVID-19 crisis. But just how much of your government stimulus cash will have to end up going to mounting bills and debts?
Many of the nation’s households have acquired a lot of bills and expenses they need to catch up on paying.
Cash Relief Needed
The first cash relief payment came in the form of what was called the CARES ACT. Well, how did that turn out?
If you’re anything like most Americans caught up in the COVID-19 crisis, your stimulus cash from the CARES ACT is probably long gone.
No doubt, that $1200 or $2400 came in handy with rent due, utility bills, and other monthly expenses that require your attention.
But if you happen to be out of work or your work hours were cut because of the virus, that stimulus payment barely helped you make it through one month, let alone the last three months.
Clearly, much more cash relief is needed, before any possibility of stimulating the economy is possible.
But stimulus is one thing, and relief is another. As long as the necessities need to be addressed, no one will be able to do any extra, or non-essential spending.
Unfortunately, non-essential spending is exactly the kind that’s needed to truly stimulate the current economy. You don’t have to be a financial wizard to recognize that.
Pending Cash Relief
But what if the current debate about giving more cash relief actually prevails? Perhaps the third time is a charm, and people will truly get some financial relief.
It will be a bit of a victory, even if all they settle on is the proposed monthly $2000 payments.
Think of what a mental relief it will be, besides a financial one. You can breathe a little easier for the duration of this crisis.
With this type of relief cash on the horizon (potentially), the average person may really stand a chance of getting back on track, or at least back on their feet.
So while the politicians take their time, deciding the fate of the entire nation, people are waiting breathlessly for news about the much needed cash relief.
Hopefully, this round of relief cash will finally provide enough, and not just for some, but for everyone.
Maybe, some people can pay off their debts, as well as actually start helping to stimulate the economy. Stimulus is also important, once relief has been achieved.
- Stimulating the Economy Will Take All Kinds of Spending