1. Amy Beale
Rasmussen College
Authors Note
This research is being submitted on September 11, 2011, for John Nuby’s
B271/COM1007 course at Rasmussen College by Amy Beale.

3. There are currently 312,006,948 Americans

7.  We are in the middle of a recession
 The economic outlook is grim.
 Government efforts to improve economic problems
have repeatedly failed…

8. TARP aka “The Bank Bailout”

9. FAILED!

10. Stimulus Checks

11. FAILED!

15. “Congress authorized the Treasury Department to
use up to $700 billion to stabilize financial markets
through the [Troubled Asset Relief Program; TARP;
“The bank bailout”] program”. Although a part of these
funds were used to issue stimulus payments to many
Americans, TARP was dubbed “The bank bailout” for a
reason. The government had to do something to get
money flowing. So they rolled the dice and took a
gamble… on the big guy.

16. The assumption was that if banks got their
bailouts they would start to lend again and the money
would eventually trickle down to the little guy, thereby
helping everyone. What the government forgot to do
was their homework.

17. With 42% of Americans having a poor credit
score, this means that almost half of adult Americans
would not benefit from these bailouts, especially with
stricter lending guidelines during the current
recession.

18. Why are we bailing out big businesses while they
continue to spend frivolously through hefty paychecks
and exorbitant expense accounts?
Why is it the government does not require
corporations to “trim the fat” before receiving
government bailouts?

19. Average working class citizens are required to be
completely impoverished before receiving any sort of
government welfare this means having an income
below $10,830 if you are single.

20.  Bills Paid
 Needs Met
 Loans Possible to Sustain You through the Recession
SURVIVAL

21.  Struggle to Pay Most Bills
 Struggle to Meet Most Needs
 Loans Not Possible with Stricter Lending Rules During
Recession; No Work, No Money
HARDSHIP

22.  Unpaid Bills
 Unmet Needs
 Loans Not Possible
DISASTER

23. Everyone fits into one of these credit
categories.
Where do you fit?

24. How will you
survive?

25. People make mistakes.

26. Credit mistakes
should not
haunt you for life.

27. Most criminals do not get
punished for life.
Why should you?

28.  The consumer needs to buy.
 Businesses need to sell.
 The country needs a thriving economy to
remain a world leader.

30. Having 9% of Americans
unemployed is a large number
of people relying heavily on
credit, welfare and or the
generosity or charity of others.

31. If 42% of the unemployed have poor
credit this increases the chances of
government dependence exponentially.

34. Now the puzzle pieces are falling into place.
The two main factors that contribute to an
individual’s credit score are payment history and
amounts owed. Employment has a direct bearing on
these two factors.

35. Unemployment means loss of income. Loss of
income means bills will not be paid on time, if at all.
Non-payments and late payments mean credit rating
begins to decrease. When the credit rating goes down
the ability to borrow and purchase declines. When this
happens to enough people at the same time…

36. A RECESSION OCCURS.

38. What is a nation to do when almost half their
adult population lacks the credit they need to be self-
sufficient?

39. “Give a man a fish, feed him for a day.
Teach a man to fish, feed him for a lifetime.”
Lao Tzu

40. It is time to teach 42%
of Americans to fish.

44. For many people credit mistakes were made in
early adulthood before they understood what credit
was and the importance of keeping it in good
standing. Others simply had no role model of good
financial decisions to learn from and model
themselves after.

45. Now they are older, have more life experience,
families they are responsible for and the wherewithal
to make good financial decisions. Except now this
gained wisdom has no value since they cannot put it
into practice because of bad credit.

46. These are the kind of
people that simply
need a second chance
to get it right.

48. All debts will be
forgiven and
forgotten.

50. Requirements
 Must be a minimum of 32 years of age.
 Valid Social Security number
 Successfully complete an in depth 13 month financial
course.
 Classes will be 3-4 hours, once a month and PERFECT
attendance is mandatory.
 At each class the Second Chance individual will pay a
fee of $50, no more, no less.

51. 1. It will help offset the cost of study materials and
instructor fees.
2. It will be the first tangible lesson in maintaining
good credit; bills must be paid on time, every time.

52. For the duration of the 13 month period debts will be
frozen from accruing interest however if the individual fails
to successfully complete the requirements to have their
credit history abolished they agree to pay double interest
and their wages will be garnished to ensure payment.
Although severe, these drastic measures must be
taken to deter abuse of an already gracious opportunity!

53. The final requirement is that anyone who chooses
to take this opportunity will forego any stimulus
payment they are awarded. This is exclusive of income
tax refunds. These deterred stimulus funds will go into
a fund that will be used to finance the law itself.

59. When doling out trillions of dollars to big
corporations and even more in aid to other countries.
Does anyone say “Well it is your own fault you are in
this predicament?” Does anyone wave their hand,
dismissing the need?

62. The greatest benefit of The Second Chance Credit
Law is obviously for the individual who has their debts
forgiven. However the benefits are far reaching to
society as a whole. When more people are able to be
self-sufficient, the less the government will have to
spend on helping those who are unable to help
themselves.

63. The Second Chance Credit Law is not an easy out.
It is an in depth 13 month long process in transforming
the average citizen into a financial superstar.