Looking for ways to get out of debt? There are several methods to consolidate your debts: home equity loans, personal loans, and low-interest, high-limit credit cards. But today the most interesting idea in debt relief is the government debt help.
There are television commercials, radio ads, and websites that tell us that we can get government grants to pay for almost anything, including debt consolidation. Even though this sounds like a debtor’s dream come true, but it’s not as simple as it sounds. In fact, it is downright misleading.
Government Debt Relief Grant Programs
It’s true that the government gives out some grants. But most of these grants are for things like assisting people in starting a business, helping consolidate student loans or helping first-time home buyers. There are no programs specifically for helping debtors to pay off their debts — there is no thing such as government debt help.
The only type of government grant that is remotely related to personal debt relief is the small business grant. You could conceivably start a small business using grant money, make a profit, and use that profit to pay off debts. These small business grants are few and only available for use by specific types of business that meet the government’s needs.
Other Sources of Grants
Besides the government, many corporations also give away grant money to individuals. But this money is earmarked for those who meet specific qualifications as well, and these qualifications depend on the company’s needs. Paying off someone’s debt rarely does anything to meet a large corporation’s needs.
That said, it is conceivable that a corporation might give away grant money to help those in need. Large companies sometimes do charitable things to give back to the community or improve their images. But it’s not something we should count on. There are much more reliable ways to get rid of debt.
Other Government Debt Help Schemes
While it’s unlikely that you will be able to get someone else to pay your debt for you, there is help available. You may be able to negotiate with your creditors by yourself to have interest rates and minimum payments lowered. There are also credit counseling agencies that may be of help.
There are also some free resources online that can help you take control of your finances. You can learn how to make a workable budget and put extra money toward your debt payments. The idea may not be as interesting as getting government debt help, but you can often get your debt under control on your own.