For many residents in Ohio and in other states, the possibility of a debt grant to help them payoof or get rid of credit cards and other unsecured debts (like medical or hospital bills, utilities, or store charges) is enticing. Even though debt has become an unfortunate part of life today and has caused many consumers to look for and hope to find government-funded grants that can potentially help pay off their personal debts - this type of grant does not exist.
While the government did, in some instances, provide financial bailouts to banks and other financial institutions, it does not offer debt grants or even grant money for consumers to help payoff debts.
However, the good news is, there are a variety of debt options that may be able to help provide relief for consumers. To find out how debt relief can help you, get a free debt relief analysis and savings estimate. It's fast, simple, and there is no obligation to you.
In spite of the lack of government-funded debt grants, there is help available for consumers who are looking for debt relief. If you are also overwhelmed with credit card and unsecured debts, you may be able to get help through a number of debt relief options - including debt consolidation through credit counseling, debt settlement, or even bankruptcy.
Debt consolidation allows you to combine multiple debts into one, simplified, and more manageable payment plan made to a credit counseling agency. Debt settlement, on the other hand, allows you to negotiate with creditors for substantially less than what you owe.
Both options are popular alternatives to bankruptcy, which can provide a fresh financial start, but it can also result in severe and long-lasting consequences to one's credit rating.
Benefits of Debt Consolidation
Debt consolidation generally begins with a one-on-one consultation with credit counselors to review your outstanding debts, your source of income, and determine how much money you can reasonably allocate to paying off your debts. With a clear picture of your finances, credit counselors will typically develop a game plan and speak to your individual creditors asking for more lenient payment terms - such as granting you reduced interest rates or waiver of late fees and other fees. Creditors that agree are then placed into the debt management plan, or DMP.
With this form of debt relief the goal is, through a more structured and more affordable payment plan, you can hopefully direct more of your payment into paying down the balances on your debts rather than just the interest. In addition, if followed faithfully, debt consolidation can help you get back on track and pay down your debts at a more accelerated pace.
Explore your debt relief options. Request a free debt relief estimate and savings analysis, at no obligation to you.
Why Consider Debt Settlement?
Another viable option, for many consumers, is debt settlement - a legal and practical way for you to try and negotiate with creditors for a substantially reduced debt amount.
Many consumers in a debt settlement program are typically advised or counseled to stop paying their credit card bills so they can accumulate funds, over a certain period of time, which can be later used to make a reasonable settlement offer.
In many cases, creditors may threaten to take legal action against consumers that default on the terms of their credit card agreements in an attempt to recover their losses. Many of these consumers, as a result of non-payment, will typically see their credit scores plummet.
Yet, in spite of the potential risks to credit scores and the possibility of getting sued, debt settlement remains a popular alternative to bankruptcy - which can have a more devastating and longer lasting impact on personal credit.
How to Choose a Debt Relief Company
If you are serious about taking steps towards eliminating your credit card debt as well as learning budgeting skills, a reputable debt relief company can help. Make sure that you do your due diligence when researching potential companies, find out what their customer service track record is and what debt relief options they offer - such as debt consolidation or settlement.
DEBT RELIEF WITHOUT GRANTS
The bottom line is, if you are overwhelmed with debts and want to regain control of your life, though the government does not provide "debt grants," there is help available through a number of proven debt relief options.
To receive your free debt relief analysis and savings quote - at no obligation, begin online by answering a few simple questions.