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Government Grants to Pay-Off Your Credit Card Debt: Blessings in Disguise

National Debt CountIf you are hoping for a miracle in clearing your credit card debts, you will probably wasting your time.

But if you are diligent enough in looking for information in the right places, you might found something that could be very well your small miracle.

One of the small miracles in today’s recession is Federal grants for credit card debt.

What is Federal grants for credit card debt?

In essence, the Federal grants for credit card debt is Government grants that allow you to pay off all your credit card debts, should you meet the criteria and requirements.

The main purposes of this grant are:

  • To stop you from drowning deeper into debt by taking new loans to pay off your previously taken loans.
  • To help you sustain your credit ratings and reputation.

The best thing of Federal grants is obvious – It doesn’t require to be paid back.

However, there are certain criteria and requirements to be met to be eligible – the first and foremost criteria, you have to be a US citizen, as this grants only apply in the United States.

Federal grants can have tax implications so consult your tax preparer before you file the 1040EZ.

First of all, you need to know how to apply for one.

How to get Federal grants for credit card debt

In general, the requirements to apply for the grants are as follow:

  1. Find the right Government Agencies and seek the information about the Government grants and funding programs – You can find such information from these Government’s sites: CFDA.gov and Grants.gov.
  2. Have the needed information ready: proof of income, your loan monthly payments information, and your total amount of loan taken.
  3. Along with the information the Government Agencies gather about your financial status, your application is then assessed to determine whether you qualify or not.
  4. You will be informed regarding your eligibility, and if you are judged to be eligible, your debt will be cleared as the government pays off the debt on your behalf.

Beware of scams

Just like anything that involves money, there are some organisations and companies that claim to help you getting the grant you’ve always wanted. They are too smart to know that, these days, people are often acting irrationally to get out of debt as soon as possible, by any means.

You homework is to keep your head cool and rational, while focusing your effort to find the right information. Again, the good places to start are these Government’s sites: CFDA.gov and Grants.gov.

Hopefully this post will help you with an opportunity to have a fresh start and build your personal finance the right way.

Image by Kevin Krejci.