MORE Major Stimulus Coming For Americans: Here's What's Next!

What's happening guys? I'm Jimmy. Welcome to our daily program, w

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we analyze everything that happens

here

in our country and that you need to know every day. In the last video we talked about how 10-20,000 student loans were forgiven. It's already been approved for 43 million Americans through a presidential executive order and they're going to start rolling out the paperwork here in October and could other types of debt relief be

coming

for Americans, like credit card debt forgiveness? credit, medical debt forgiveness, mortgage debt forgiveness? because could we see this? It is a very real possibility. Look at this, so first of all, the administration approved $32 billion in student loan forgiveness before 10-20,000 student loan debts have been forgiven since they took office.

I was able to see this from Forbes here this is from uh this is for people who have permanent disabilities people where the school closed them down and just left them broke the school went bankrupt and also the school let them down and basically told them they would get a secure job things like that and they weren't good, you can also see here Biden made a big dent in the student debt crisis and it's time he made it for the growing lobe of medical debt in the US, there are actually dozens and dozens Millions of people with medical debt attorneys and advocates are now saying the president should get medical debt forgiven.

Will we start to see other types of debt forgiveness? Remember that student loan debt forgiveness didn't raise anyone's taxes to do this, the government. This debt is just being waived, no one is raising taxes, no one is paying

more

taxes to make this happen and remember the government has also paid off like $1.7 trillion in the national debt and the national deficit this year, so They are doing both, but look at this the medical debt burden in the US currently stands at around 195 billion according to the Kaiser Family Foundation America's medical debt problem has parallels to the crisis of the student debt experts say Business Insider are both financially weakened, putting people at risk of not being able to pay rent and food, the bite The administration is already taking steps to address, but the challenge of helping

more

low-income borrowers income persists.

The Binding Administration finally delivered long-promised relief to more than 40 million Americans with federal student loans, half of whom will see their debt fully paid. completely eliminated for about 20 million Americans because they have 10 or 20,000 student loan debt and this will simply eliminate your debt down to zero, but medical debt experts also say that student loans are just one part of a home. debt crisis debilitating millions of Americans in late August President Joe Biden announced up to twenty thousand dollars in student loan debt forgiveness for federal borrowers earning less than one hundred and twenty-five thousand a year and there is also the possibility here, you can see here the The Department of Education is evaluating whether student loan borrowers with private student loans could qualify for Biden's debt cancellation and this is expected to completely eliminate the balance of 20 million borrowers, so think about

what

This is done to help the 20 to 43 million Americans needed. part of

what

is often a prohibited burden for many Americans, with interest snowballing and a growing collection of bills that become impossible to pay, is a huge burden on their backs and, once Plus, no one is paying more taxes to do this, it's just the government helping. people is a massive

stimulus

program basically for some medical debt may be just as prohibitive the medical debt burden in the US currently stands at around $195 billion according to the Kaiser Family Foundation and 23 million Americans have a medical debt of at least $250 Three million Americans have unpaid medical debt totaling more than ten thousand dollars, just like student loan borrowers, those with medical debt are not immune from unfair practices.

The Consumer Financial Protection Bureau previously found that inaccurate medical billing cost Americans $88 billion last year, which is staggering. Inaccurate medical billing cost Americans $88 billion last year—that's sickening just as medical and student debt becomes conduits for potentially devastating financial consequences that lead people to lose their homes and face lawsuits, For example, medical debt experts see this as a parallel between the two crises and a

major

one. The difference is that medical debt is completely unavoidable and is a life or death situation. In some circumstances, I literally had no choice because it was an emergency situation. The difference is that medical debt can happen to absolutely anyone and cannot be planned for.

Experts said The financial consequences of defaulting on medical debt, such as student loans, can be devastating, since liens on a person's homes are a legal claim on the property that can be used as collateral to pay the debt. In one way, medical debt can become parasitic if it is not met. Whether it's student debt or medical debt, lenders can also directly take part of your paycheck. Up to 25 of them, medical debt lawsuits are more common than student debt lawsuits, but both can happen. In April, the White House also revealed ways to help. Americans with medical debt, including increased scrutiny on inaccurate medical billing, equipping consumers with educational tools and helping manage confusing billing practices Also after this year, as you can see here starting July 1, some medical debt may No longer damaging your credit score.

Here's why medical debt. will start to disappear from credit reports this summer, so you can see here that they are starting to make changes to certain types of debt. If you are one of the many with looming medical debt on your credit report, relief is on the way as the three largest credit bureaus, TransUnion Equifax and Experian, will remove settled medical debt from Consumer Reports starting on 1 July 2022. That means if you paid your medical bill in full and the debt is submitted on your credit report as a negative mark, this negative mark will now appear. being eliminated is part of a larger effort by the administration to decrease or eliminate medical debt as part of the government's lending decisions for the millions of Americans who are struggling with an estimated $88 billion in medical debt, according to a report from the Consumer Financial Protection Bureau.

Last month it's a huge relief that comments about medical debt will be deleted from millions of credit reports starting this summer. The move will eliminate about 70 percent of negative comments about medical debt given many's hopeful jump in their credit scores. paid medical debt that was in collections will no longer be reported on your consumer credit reports you will have more time before unpaid medical debt is reported on your credit report unpaid medical debt that is currently in collections for one year will be reported on Credit Reports This is a six-month increase that was enacted in 2017. Starting in the first half of 2023, all three bureaus will no longer include medical debt in collections of less than five hundred dollars on credit reports, so that will begin in the first half of

next

year in a recent survey in the healthcare sector. .com every living generation indicated that their medical debt has hurt their credit score, with Millennials being the highest at 52 percent.

Now the other thing is that the government owns most of the mortgage debt, similar to how the government owns over 95 percent of the student loan debt. The government actually holds most of the mortgage debt through government organizations, as well as the government housing lenders Fannie Mae and Freddie Mac which are backed by the government. Okay, so the government could forgive mortgage debt if they wanted something similar to student loan debt. It's okay, if you really think about it. about it Mortgage debt is similar to student loan debt, okay, you panic for many, many years, very, very similar, okay, credit card debt, the same thing, in fact, the state of credit card is actually worse because, um, mortgage, you know, mortgages, actually, you know, with rates going up, that could be. something we could see, but when we think about credit card rates, they are also rising, let's remember that the interest rates that the FED is increasing, we have seen that housing interest rates went from two to two to two to two. three percent um the high two percent to the three percent sometimes in some cases the low two but we'll just say three percent now it's seven percent or more this is causing, um, if you were to buy a new home compared to what they were compared to what they are now, we've done some comparisons on the show, the exact same house could cost you over a thousand dollars more a month just in interest, just one interest again, it depends on your uh, the price of the house. house and stuff. well and the interest rate, but we made a real one in the program here.

I think it was 850 more a month on a house that was like 350,000. And in some states you can't even buy a house for that price, so Well, you know, interest rates are really going to be a big concern here. and then credit card interest rates we also talked about how we showed an article that said about every five thousand dollars of interest or I mean every five thousand dollars of credit card debt that you have with interest rates going up about three percent, that will cost the average American extra. I think it was about eleven hundred dollars more in interest, so this is a huge problem here, so remember the government actually has programs like this, I don't want to say it all the time, but when we look at all the different programs that the government has had, over $40 billion in rental assistance, $9.9 billion in mortgage assistance, utility assistance every year, there is utility assistance in In every state, every year, I have videos for you below in the description of this video on how to apply, so, rental assistance is about to end, just the money has run out here, but it's gone. 40 billion dollars, that's a lot of money for all the states, we could see more of that here in the future, absolutely all they need to do is allocate more money, they could take some of that unused

stimulus

money. 600 to 800 billion dollars, it's almost impossible to know exactly how much money is not used because it's in all these different types of money buckets and you know they have to add it all up and it's impossible to know, but could you allocate some of that money and say okay, here's more rent? relief money here is more relief money for homeowners or we are going to issue an executive order and send it out as a stimulus check or as more quick money or as whatever, who knows what could happen in the future, who knows.

I will keep you informed. date here on the channel, uh, where we're going to send it as debt forgiveness, okay, all of this is possible, there's so much money that's already approved and think about, you know, student loan forgiveness, um, it did to through the executive. order it's not even using the leftover money there it's just an executive order and it's just government debt so they're actually just writing it off okay same thing with the snap program when they increase the SNAP program they just do it at through the USDA, that's just through the authority of the USDA, okay, they don't even need to use approved money, which is stimulus money, that's just through the authority of the USDA, okay, so they don't need to use money stimulus, so there really are many ways the government can help. people in need and sometimes they don't even use the stimulus money so you really have to remember here that they can be creative and help millions and millions and millions of people here and there are a lot of different programs going on here a lot of different programs. and uh, I'll keep you guys awake during the day here, what do you think might be

next

?

What do you think could be next? Well, obviously, we know that the forgiveness ofstudent loans are next for 43 million Americans. The massive SNAP program is

coming

here very, very soon. I'll link you to a video I just made on that, we'll give you more details on that, but that's for over 40 million Americans and 80 million Americans between those 32 different states that are passing state stimulus checks, relief checks. property tax, uh, reduction. taxes and sending checks and money back to their people, hopefully, we'll continue to see more states doing that because that's what over a hundred million Americans know, the one I liked here was Georgia sending checks to three million Americans, the most low.

People's income in that state was $350 for people on Medicaid and it was fast and furious. What I don't like about that is that people are having a hard time accessing the money, so it's a little bit, I think people in Georgia will eventually be able to get them all, it's like an electronic debit card, it's confusing for people. people. I think you guys will figure it all out and eventually get it all out, get all the money out, uh, but I guess having some problems accessing it, we get all the money, some stores don't know how to mark it correctly and I think you will. eventually get all the money out, but I think it's a little, it's a little difficult, it's like using a debit card that basically has some complicated instructions, but hey, an extra $350 per person for three million people in Georgia, you know , Georgia.

It hasn't really done much up to this point, you know, that was a good thing and it was for the lowest income Americans in that state or for the lowest income Georgians in that state, maybe I should say um, you know, and Georgia is a pretty big state population-wise, I don't know exactly, I don't know if they're in the top ten, maybe they're in the top ten, but this is a good thing. So we're seeing more and more states doing this and I really think we're entering the last three months of this year, but when we look, we'll move forward a little bit.

A little bit here, when we look at next year, if you can think about this, so many states still have enormous amounts of money, we look at the budget surplus that the states have and the stimulus money that the states still have, there is still an enormous amount of money that each state has, so it's really nice to see that we can still basically see money coming from both because if we go back a year before that, there were only a few states since 2021 that were doing state stimulus checks, it was like California and Maryland He did the 500 checks.

I can't really remember them all, but I know those two states did do checks. There were some states that did controls, but it certainly wasn't 32 or 33 states or so until now. that they're doing state stimulus checks tax refund checks property tax refund checks that reduce taxes, etcetera, etcetera, so I think last year it was like maybe five maybe 10 maybe uh I don't know I'm sure, I'm sure there were a few more, you know, maybe we could count Florida with their thousand dollar teachers, it was last year the first round was in 2021, I don't know if we could count that because it was a small amount, But I do not know. maybe we can, um, but the thing is when we look at now 32 states, that's a good number, maybe we can move on, so when we look here, if we look back, once these programs start they stay, they they stick, people get used to them, they wait for them as long as there is money as long as there is money, so that is the key, although they must have the money, the surplus money if the states do not have the money, they cannot, they cannot necessarily do this kind of thing, but sometimes they find a way, so I will keep you posted here daily, let me know your thoughts.

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