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There are government programs aimed at helping those who are buried in debt, most of which is bought on by abuse of credit cards and bank loans. The Federal Grants Aimed at Debt Relief for Citizens Program can help many with their indebtedness, but it will not teach those credit abusers how not to keep repeating the same bad habits over and over again.
Look for a business that offers help with debt settlement or debt negotiation to give you assistance and teach you how to control your spending habits. These debt "arbitrators" are knowledgeable in working with creditors and will work to get you help with paying down your debts. The credit card companies, usually banks, know these folks will not be as intimidated as the average individual and know how to negotiate in your best interest.
Debt settlement is usually a matter of consolidating all of your debts into one lump sum, then paying one bulk payment instead of many smaller ones. This results in lower payments and much less in interest, especially when the arbitrator negotiates with your creditors and receives that interest rate cut down, maybe significantly.
The grant money that is out there involves federally funded grants that offer assistance to many who have found themselves to be in danger of losing their home and other assets or in the case of small businesses, their own livelihood and reputation. This money, intended to help citizens with debt relief, can be helpful but not so easy to find. Look online for more information.
Those who are deeply in debt need to find help through consolidation, negotiation, arbitration, or credit counseling. There will be a fee but it should be minimal and reputable companies will charge only after a settlement has been reached between debtors and their creditors. Check with your local BBB regarding a debt counselor's reputation and past history.
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Source by Michel A.
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