Rick Vaughn, Categories: Believe me, the Collection Agencies are well aware that you will be getting your stimulus check. They have the breakdown by date and are updated with the Fed’s delay on some checks. So how will you spend your check? To pay down a credit card? Now, obviously paying down your debt is certainly a wise choice but for some it will only be temporary relief. Unfortunate as it may be, most people already have already spent their check in their heads. However, I believe that at least a portion of this check should go towards your debt.
The reason behind the stimulus payment is for you to go out and buy goods and hopefully give the U.S. economy a boom. So with that in mind, it could be considered unpatriotic to just surrender your funds to the credit card companies and call it day. Also, if you have an account in collections you probably have not been feeling really good about yourself financially. In accordance with the intended purpose of the stimulus check you should take 20% of your check and do something nice for yourself. Do not spend more than that.
Example: If you received $600 x 20% = $120 should go toward a purchase for yourself. And remember, if those new Jordan shoes cost $150 do not put the difference on a credit card!
The TRUTH is that the stimulus package might signify the end of this recession. We are starting to see people buying homes in California & Florida again. There is a end in sight.
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2 Comments until now.
I hope this is the end of the recession. Hopefully, people will use their checks wisely.
HAHA how did you know that I was lookin for those Jordan’s?
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