TOP 20 IDEAS FROM CHANGE.GOV (Comment 021E)
This comment was made by Concerned in MS on the issue of the Economic Crisis at:http://change.gov/page/content/discusseconomy. Please feel free to comment on it in the box below:
Your plight is an example of where I think adding credit insurance to unemployment would be useful. You are unemployed due to cutbacks caused by the housing market collapse, current credit crunch and resulting economic slowdown. You are now at risk of defaulting on your debt and mortgage which is what started this in the first place. At the same time it is hard to buy the necessities of maintaining a home and raising a family. This slows in turn slows the economy making it harder for you to find work.
If we add credit insurance to unemployment, you will be able to stay in your home, not default on your debt, feed and clothe your children, keep your car and afford gas to look for employment. The Creditors won’t have another “bad” debt to absorb and will have more confidence to extend credit. This will help stimulate the economy. Ultimately, putting you back to work and off the assistance. I think this is a more effective use of TARP than giving it to financial institutions and hoping they will lend in a recession. After all, everyone is a questionable risk in these conditions.
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