Author: William Blake
Can a Government Grant Really Help Relieve Debt?
Tuesday, July 29th, 2008 @ 9:10 am
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.
Which Grants Can Be Used?
Government grants are usually released to individuals who are trying to buy there first home or open a small business. There is not any grant program that was designed with intention to help people pay off the debt that they owe.
A small business grant is the only type of government grant that is in any way related to debt alleviation. It is conceivable that a person may open a small business in an attempt to earn extra income to be used in the payment of debt. The government does not give out a large number of these grants, however, and being considered for one requires that the small business being opened fit the government’s criteria.
Where Can Additional Grants Be Found?
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.
Charitable donations, however, are rather commonly made by large corporations. Acts of charity are done by businesses in an attempt to improve the public’s opinion of them or to support the local community. Giving of this nature is not a reliable and therefore should not be considered as a way to eliminate debt.
Where Can You Find Help for Debt?
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.
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