Grants for Personal Debts
You’d have to be an ostrich with your head in the sand to have not seen the plethora of ads and websites promising to erase your personal debt through the use of government grants. Some say there are personal grants to pay off debts.
The reality is that our government is not going to bail out people by paying their Visa or MasterCard. Forget getting a check from Uncle Sam to pay for that fancy sports car too. And can you imagine any non-profit working hard on fund raising so they can pay for those appliances you bought on your Sears Card? Sounds ridiculous doesn’t it? Yet, daily people fall for these phony claims and end up being scammed out of money that could have gone toward those same debts.
Does that mean you are out of luck when those personal debts are more than you can handle? No, it doesn’t because there are programs that will indirectly help you with your debt.
Business Grants. The government does provide grants to start up certain businesses. So if you have the skills and interest in owning a business, a grant could get it up and running. Then, when you have made it profitable, you can use those profits to pay down your debts.
Education Grants. If your income earning abilities are diminished by a lack of education and job skills, getting a college education will help you increase earn more. Grants and scholarships are available to aid you in pursuing a degree that will afford you more opportunities.
Debt Consolidation. As long as your credit is still in fairly good shape, you may qualify for a debt consolidation loan that although it does not reduce the amount owed, it will in most cases lower the monthly payment and may even lower the overall interest rate allowing the balances to be paid off quicker. In some cases you may be able to get some of your creditors to accept a lower amount.
Bankruptcy. Issues such as prolonged unemployment, medical conditions and foreclosure may make this option the only one left. Before going this route it is a good idea to seek consumer credit counseling and try to work with each of your creditors to see if you can avoid bankruptcy. A bankruptcy attorney can advise you on your different options and tell you how the process works. They usually do not charge for the initial consultation.
Bottom line, seek help and don’t fall for scams. There is no easy quick fix for eliminating personal debt. But there are people out there with the expertise to help you.