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Last Updated: March 26, 2024
Who Qualifies and How Much to Expect
Disclaimer: We are not qualified legal or tax professionals and are not giving advice. Always speak with a qualified professional before making any legal or financial decisions.
In these uncertain times, your stimulus check is more important than ever.
If you're among the millions awaiting your piece of the $2.2 trillion relief effort or if you've encountered issues along the way, this guide will provide you with the essential steps to track, report, and manage your stimulus payment effectively.
Stay informed and empowered to secure the financial support you're due.
For those who prefer direct advice, a debt specialist is ready for a free consultation.
How Much Should My Check Be?
Single tax filers with a gross adjusted income below $75,000 should expect to receive $1,200. Married/filing jointly couples making less than $150,000 should see checks of $2,400. For each qualifying child, expect an additional $500.
If you make more than $99,000 per single filer or $198,000 per married/filing jointly, you will not receive a stimulus check. If you have never filed taxes before, you are still eligible!
What is a Qualifying Child?
A qualifying child must be related through blood, marriage, or adoption and under the age of 17. You must have claimed them as a dependant on your tax return in 2019 or 2018. They must live with you for at least half the year and be a US citizen or national or resident alien. In addition, the dependent can not provide more than half their financial support during the year.
When are Stimulus Checks Sent Out?
The first stimulus checks will go to people who have their financial information (checking account number) on file with the IRS. If you haven’t filed taxes before or you haven’t used direct deposit, you can sign up through this link. If you are waiting for a paper check, they may not get sent out until early May. It may take as many as 20 weeks to get all checks mailed.
If you are at risk for garnishment because of debt owed, you may want to get a paper check and cash it. It can stop bill collectors from snatching your check. You may also want to set up a bank account at a smaller bank or credit union for your automatic deposit.
How to Track My Stimulus Check?
Go to the IRS website page “Get My Payment” or follow this link to their website. You will be able to see which payment group you are in and have a chance to enter your bank account information for faster processing.
What Should I Do With My Stimulus Check?
In our last blog post article, “How to Get Credit Card Debt Relief from the Coronavirus Pandemic,” we discussed not using your stimulus check to pay your bills. Instead, try to use the check for necessities so you don’t run up your credit cards. If you’d like to read a bit more about the benefits of paying off debt versus saving, check out this article.
If you are in the unique situation of not needing your stimulus check, check out this article on what to do with a windfall. You may be able to jump-start an emergency savings account!
What If This Stimulus Check Doesn’t Make Any Difference?
If you are in so far over your head that the stimulus check makes no difference to your finances, you may need more help. There are credit counseling agencies and debt consolidation and debt settlement services available to help you get out of debt. The award-winning debt specialists at Pacific Debt, Inc can help you learn more about each service and help you pick the best fit for your needs.
While Pacific Debt, Inc. is a debt settlement company, we can refer you to one of our trusted partners if debt settlement is not your best option. For more information about debt settlement and debt consolidation, check out this
article or call one of our debt specialists today.
What If I Don't Qualify for a Stimulus Check?
If you don't meet the income eligibility requirements or have other issues that prevent you from receiving a stimulus check, you still have options for getting debt relief or assistance:
- Government Assistance Programs - Even if you don't qualify for the stimulus check program, you may be eligible for other federal or state government assistance programs like unemployment benefits, food stamps, housing vouchers, utility bill discounts, etc.
- Credit Counseling - Non-profit credit counseling agencies can provide free consultations to review your budget and give advice on managing debt. They also offer low-cost debt management plans (DMPs) which can lower your interest rates and consolidate debt into one payment.
- Debt Settlement - This remains an option for becoming debt-free even without the stimulus check. debt settlement program settles credit card balances for less than you owe. Although fees apply, it may still be right for your situation.
- Community Resources - Local charities, churches, and non-profits may have resources to assist with basic needs like food, utility bills, housing costs, and more while you get back on your feet financially.
Compare All Your Debt Relief Options
Deciding between debt management, debt consolidation, debt settlement, bankruptcy, and other options can be confusing. Here is an overview of the major debt relief methods:
Debt Management Plans
- Work with a credit counseling agency
- Lower interest rates, consolidate debt into one payment
- Typically takes 3-5 years to pay off
- Negative items remain on your credit report
Debt Consolidation Loans
- Combines debts into a new personal loan
- Lower monthly payment possible
- Debt still needs to be fully repaid
- Interest rates can be high
Debt Settlement
- Settles credit card balances for less than you owe
- Become debt-free in 2-4 years
- Fees based on the amount of enrolled debt
- Some impact on credit score
Bankruptcy
- Court-supervised process
- Most debts eliminated
- High legal fees
- Significant damage to credit
Speak to one of the debt relief specialists for a free, no-obligation consultation explain your options, and recommend the approach that best fits your unique financial situation.
What Happens After Debt Settlement?
Once you've completed the debt settlement program and become debt-free, you'll have extra money each month previously used for credit card payments. You can put those funds toward other financial goals like:
- Building an emergency fund
- Contributing to retirement savings
- Paying off other debts like auto loans
- Investing for long-term growth
- Funding a college education
Money management resources can provide strategies and tools to help make the most of your post-debt settlement finances. The future looks bright!
FAQs
Conclusion
The government stimulus checks offer temporary financial relief during difficult economic times. However, wise money management remains critical for long-term financial health. Carefully consider how to best use your stimulus funds - whether to cover essential expenses, pay off debt, or build savings.
And if you require additional debt relief or other assistance, reputable organizations like Pacific Debt provide services that can set you on the path to financial freedom. Empower yourself by learning more about personal finance, creating a budget, controlling spending, and pursuing smart savings and investment strategies for the future.
Pacific Debt, Inc.
Pacific Debt Inc. is one of the leading debt settlement companies in the US and we have consistently been named one of the best for years. This year, we earned two #1 rankings for our customer service
.
If you’d like more information on debt settlement or have more than $10,000 in credit card debt that you can’t repay, contact Pacific Debt, Inc. We may be able to help you become debt-free in 2 to 4 years and we’ve settled over $300 million in debt for our customers since 2002.
Once you’ve completed our debt settlement program, your financial situation should start to improve. You’ll then be able to take the money you once had to pay towards your debt and be able to use it for other purposes like saving, investing, retirement, etc.
Pacific Debt, Inc is accredited with the Consumer Debt Relief Initiative (CDRI) and is an A+ member of the Better Business Bureau. We rate very highly in Top Consumer Reviews, Top Ten Reviews, Consumers Advocate, Consumer Affairs, Trust Pilot, and US News and World Report.
Pacific Debt is currently providing debt relief coverage in the following states:
Alabama, Alaska, Arizona, Arkansas, California, Colorado, District of Columbia, Florida, Idaho, Indiana, Kentucky, Louisiana, Massachusetts, Maryland, Michigan, Minnesota, Missouri, Mississippi, Montana, North Carolina, Nebraska, New Mexico, New York, Oklahoma, Pennsylvania, South Dakota, Texas, Utah, Virginia, Wisconsin
* Other states can be connected to one of our trusted partners
*Disclaimer: Pacific Debt Relief explicitly states that it is not a credit repair organization, and its program does not aim to improve individuals' credit scores. The information provided here is intended solely for educational purposes, aiding consumers in making informed decisions regarding credit and debt matters. The content does not constitute legal or financial advice. Pacific Debt Relief strongly advises individuals to seek the counsel of qualified professionals before undertaking any legal or financial actions.
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*Clients who make all their monthly program deposits pay approximately 50% of their enrolled balance before fees, or 65% to 85% including fees, over 24 to 48 months (some programs lengths can go higher). Not all clients are able to complete our program for various reasons, including their ability to save sufficient funds. Our estimates are based on prior results, which will vary depending on your specific circumstances. We do not guarantee that your debts will be resolved for a specific amount or percentage or within a specific period of time. We do not assume your debts, make monthly payments to creditors or provide tax, bankruptcy, accounting or legal advice or credit repair services. We are not a credit repair firm nor do we offer credit repair services. Our service is not available in all states and our fees may vary from state to state. Please contact a tax professional to discuss potential tax consequences of less than full balance debt resolution. Read and understand all program materials prior to enrollment. We are licensed where we engage in business. NMLS # 1250953. The use of our services will likely adversely affect your creditworthiness, may result in you being subject to collections or being sued by creditors or collectors and may increase the outstanding balances of your enrolled accounts due to the accrual of fees and interest. However, negotiated settlements we obtain on your behalf resolve the entire account, including all accrued fees and interest. C.P.D. Reg. No. T.S. 12-03825.