You hear a lot about federal grants being aimed at debt relief, but so much of it seems to be a prelude to scams and misinformation. What’s the truth of the matter, and are you eligible for any kind of help to reduce your debt?
The very brief answer is that there are no federal grants aimed specifically at debt relief drp. If someone tells you that there are, then they are almost certainly going to follow that with a suggestion that they can help you to get to the money if you only give them your personal details, or a small up front fee. Don’t trust it.
The reason for the confusion is probably that funding does exist in a number of areas. Sadly, these areas are aimed at stimulating business rather than reducing personal financial problems, and you need to be aware of that.
That’s not to say that there is nothing out there that can help. Some of it even stems from the government. If you are so far in debt that you can’t pay your mortgage, for example, then you might be eligible for government backed debt restructuring or reduction aimed at keeping you in your home during the economic crisis. For that, you need to talk to your bank.
More generally, there is help out there in the form of advice on debt management, which could help you to cope with your debt more effectively, and which will set out your options in a clear, concise manner. Don’t think that you’ve heard it all before. Don’t think that no one can help. Failing to talk to anyone about your financial problems will not make them go away, and it might mean that the bank is less sympathetic once things get worse. Talk to them now. It’s a far better option than relying on mythical federal grants for debt relief.