Since the major recession that hit in 2008, many Americans who lost their jobs or had wages stagnant and raises frozen sometimes had to use unsecured debt to help pay bills, such as medical, car repair, and sometimes regular household expenses such as food etc. While jobs were lost and wages didn't go up the cost of living increased dramatically during those years. I propose a loan program like with the student loan program to let those who have good credit and pay their bills on time an avenue to get a low interest government backed loan to pay off their unsecured debt. This is for those of us who don't have a house or collateral to get a loan the through banks.
The loan would have a 30 or 90 day grace period before payments began, and help Americans get back on their feet.