The new bill would require traded in vehicles get not better than 18 miles per gallon in fuel, be a model that is at least 1984 or newer, and have been both registered and insured in the last 12 months. The last requirement is designed to keep those looking for quick cash from abusing the program with vehicles from used car lots. The government would initially subsidizes the purchase of up to the first million vehicles and the program would end once the money ran out.

The bill is intended to boost the sales of US autos and reduce American dependency on foreign oil. It also aims to improve the quality of the air. The Congressional Budget Office predicts that the bill will result in selling 150,000 new cars. Auto industry analysts feel the plan, once implemented, could see vehicle sales go up as early as August of this year. Additionally, it is noted that many so-called “clunkers” are in the truck category, which would be a higher sales generation for the truck-specific industry.

The critics fear that the program cost too much and only accomplish a small portion of what it set out to do. Even environmental groups fear that the program can backfire, resulting in the government subsidizing the purchases of SUV’s and other non-fuel efficient. The senate feels that the program will help give a push to the auto industry which is currently struggling to survive, as well as the manufacturers, suppliers, and other auto-related services in the industry. The bill is also being supported by the Association of International Automobile Manufacturers (AIAM). The group feels that since other programs around the world have produced positive results in their efforts, the program stand the chance, if successfully implemented, to help bring some recovery to the United States economy. Since the US relies on the automobile industry significantly, the program can help get the economy back on track in the US.

The bill was initially introduced due to the growing concern that after all of the federal bailout money that has been used to keep the auto industry going, consumers will make the decision to stick with the cars they currently use instead of spending money on a new one. The program’s incentive hopes to steer more American’s into buying new.

Get Cash For Your Old Clunker was created by and is property of American Consumer News.

The Department of Treasury’s website also mentions that the Home Affordable Refinance program will be available to 4-5 million homeowners who have shown a solid payment history on existing Fannie Mae or Freddie Mac mortgages. The program may make many of them eligible to refinance their loan to take advantage of today’s lower rates for mortgages or to refinance an adjustable-rate mortgage into a more stable 30-year fixed rate mortgage. The plan will also help 3-4 million homeowners who are at risk to avoid foreclosure proceedings and reduce their monthly mortgage payments.
Hardship Assistance

If you are a homeowner who is finding it hard to make your mortgage payments on time, you should check out the program. If you want to know if you qualify to participate in this program, you can check out the Department of Treasury’s website, FinancialStability.gov and find out more information about the program. The website provides a tool for self-assessment of your situation. There are also guidelines and other information to get you started and show you how the program may work for you.
Proceed Cautiously With Other Programs

Be aware that in light of the new plan for homeowners, there are also counterfeit programs that have already been established to scam you out of money. Remember that the Making Home Affordable Program is free and if you encounter a website that is advertising foreclosure relief programs, be cautious. You can easily lose big-time money by dealing with a scam group, which will cause you further financial problems. Do not send money to any person who is charging a fee for housing counseling. In addition to the Home Affordable plan, any counseling performed by HUD-approved counselors is also free. Do not make mortgage payments to anyone other than your direct lender. Never sign over the deed to your home to anyone, regardless of the situation you are in or what promises that person makes to you regarding your home. While it may seem obvious that you don’t involve yourself in such things, there are many people who are in financial dire straits who are willing to do just about anything to save their homes.

Homeowner Affordability and Stability Plan and What It Could Mean for You was created by and is property of American Consumer News.

The latest scam surrounding the recession involves con men sending mail, email, or placing phone calls to alert people of their “services” to get cut in on the piece of the actual stimulus money. Unfortunately, as with many current scams, the websites and marketing materials of the companies look pretty legitimate. Many even feature the image of President Obama  or Vice President Biden on the site. People will see such images and assume that the service and the company is on the up and up.

What Happens in the Scam?
Since many people are desperate for financial help, they will be likely willing to divulge personal information in an effort to get a bit of that stimulus money. The scammers will send out materials that request personal information, including name, address, social security number and banking information. With just a few bits of your your vital information, these con artists can clean out your bank account, open new lines of credit in your name and virtually destroy your present credit rating in a very short period of time. Often this can occur before you even know what happened to you. Also, because some of these scams involve a “service”, many companies will also require some payment of sorts for the help. If you give out your credit card number, you can be charged for way more than a fake service.

How To Protect Yourself
You should never give out your personal information or financial details to any other individual unless you are absolutely sure of the identity of the receivers. It can be very easy for scammers to create very legitimate-looking websites and emails that will lead you to believe they are trust worthy. If you feel unsure about a company’s authenticity, check with the Better Business Bureau for information.

If you think you have already been scammed out of your money or personal information, contact the FTC’s Bureau of Consumer Protection to report the scam.

Be sure to check out your credit card statements carefully each month and make sure there are no fraudulent charges. If you find something that doesn’t make sense, contact your credit card company immediately and report your findings.

Never consider yourself untouchable. Scammers will not discriminate and will be happy to take money from people of all financial status.

Beware of Stimulus Scams was created by and is property of American Consumer News.

On Saturday, January 24^th, President Obama gave his first radio and Internet address from the White House. He discussed his plan for the $825 billion government spending plan which he believes will put a stop to the current economic downfall and result in a number of benefits including producing better schools, health care insurance coverage for millions of Americans who are unemployed or likely to become unemployed, and lower electricity bills.

With unemployment higher than it’s been in 26 years, he says “… if we do not act boldly and swiftly, a bad situation could become dramatically worse. That is why I proposed the American recovery and reinvestment plan. To immediately job start job creation as well as long term economic growth. I’m pleased to say that both parties in congress are already hard at work on this plan and I hope to sign it into law in less than a month. It’s a plan that will save or create 3 to 4 million jobs over the next few years and one that recognizes both the paradox and promise of this moment. The fact that there are millions of Americans trying to find work even as all around the country there is so much work to be done.”

The plan calls for, among other things:

• doubling the capacity of generating alternative fuels, like wind, solar and biofuels over the next 3 years Tax payers would save $2 billion per year, by making 75% of the federal buildings more energy efficient, while helping the average American family save $350 on their energy bill by weatherizing 2.5 million homes.
• Medical costs will decrease along with improved care through the use of computerized health records within 5 years.
• Health insurance for people in danger of losing their health insurance will be protected.
• 10,000 schools will be renovated and modernized to improve learning opportunities for over 5 million students.
• 7 million more students will benefit from greater investment in Pell Grants, making college more affordable for many families, while 4 million students would receive a $2500 college tax credit.
• Roadways will be repaired and new options for mass transit will be created for millions of Americans.
• Securing 90 major ports, and improving communication for the nation’s law enforcement and public safety officials in the event of emergency.

The president realizes that many American’s are skeptical of this plan, and understands it. It’s why he believes in more transparency than ever before, saying, “Instead of politicians dolling out money behind a veil of secrecy, decisions about where we invest will be made public and informed by independent experts whenever possible. We’ll launch an unprecedented effort to rule out waste, inefficiency and unnecessary spending in our government. And every American will be able to see how and where we spend tax payer dollars by going to a new website called Recovery.gov.”

Despite great optimism for the success of the $825 billion spending plan, Obama cautioned against expecting instant results: “No one policy or program will solve the challenges we face right now, nor will this crisis recede in a short period of time.”

President Obama and the $825 Billion Plan was created by and is property of American Consumer News.