Income Credit Expansion

This program will be an alternative to bankruptcy that consolidates the borrowers debts and pays back the creditors. The loan is government backed and for debt consolidation only. The debts that are to be paid back must already be listed and verified on the borrowers credit report at the time the loan is issued.  The loan is one at a time so another will not be issued to anyone that already has an unpaid balance.  These loans are for individuals so married citizens must apply for separate loans.

• In order to qualify for the debt consolidation loans the borrower must show 24 consecutive months of income and apply for a wage garnishment to pay the loan payment.  There is a $20,000 limit on the initial loan amount that can increase for future loans.  The amount for later loans will be based solely on the borrowers record for paying back previous income loans.

• The loan payment is sliding scale meaning it will never exceed 10% of the borrower's income including interest.  Interest is to be fixed and never to exceed 3%.  The payment will be set up as a wage garnishment so no matter where you work at the time or work later the garnishment will follow.  Loans that have not received payment in longer than 3 months will be garnished from all sources of income available.

This is a voluntary program that would not be forced upon anyone.  The funds required for this program are initially borrowed from the Government but set up to be repaid with interest until the day the accumulated interest covers all costs and the program begins to pay for itself.