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Our Family Budget > Get
Out of Debt > Can a Government Grant
Really Help Relieve Debt? |
Can a Government Grant Really Help Relieve Debt? |
Those who are in debt
are often searching for things that will
help them get out of debt. There are several
methods of debt consolidation available,
including home equity loans, personal loans,
and low-interest, high-limit credit cards.
But perhaps one of the most interesting
concepts in debt relief is the government
grant.
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. This
sounds like a debtor's dream come true, but
it's not as simple as it sounds. In fact, it
is downright misleading.
What kind of grants are they talking about?
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 or helping first-time homebuyers.
There are no programs specifically aimed at
helping debtors pay off their debts.
The only type of government grant that is
remotely related to personal debt relief is
the small business grant. One 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 far between,
however, and are designated for use by
specific types of business that meet the
government's needs.
What about other grant sources?
The government is not the only source of
grants. 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.
Where can I get debt assistance?
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 to have
interest rates and minimum payments lowered,
on the condition that you can't take on any
new debt with them. There are also credit
counseling agencies that may be of
assistance.
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. It may not be as easy as
getting money from the government, but you
can often get your debt under control on
your own.Recommended Reading
Debt Free
In Three
Thanks to this guide complete with
worksheet and personal coaching, my family
and I will be complete debt free in 42
months (including paying our house mortgage
in full). The principles taught in this
program are simple, yet incredibly powerful.
See for yourself.
Click here to get Debt Free in 3 to 5 years. |
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