Government help consolidating debts

Posted by / 12-Feb-2018 07:42

Government help consolidating debts

In many cases, the amount you pay every month will be less than if you paid to each bill separately.

Often your counselor can even reduce your interest rates and eliminate extra fees, like over limit and late charges, through the debt consolidation plan.

Assistance programs and incentives are the most usual methods for the Federal government to provide citizens with relief.

The United States government does provide grants to non profit debt counseling companies, who in turn help consumers deal with the debt that they have.

The first step toward taking control of your financial situation is to do a realistic assessment of how much money you take in and how much money you spend. Then, list your "fixed" expenses — those that are the same each month — like mortgage payments or rent, car payments, and insurance premiums.

Next, list the expenses that vary — like groceries, entertainment, and clothing.

There is no cap on the interest rate of a Direct Consolidation Loan.

Even better news is that you don't have to pay anyone to gain access to the information about the variety of assistance offered to citizens by the government.

In most cases a simple keyword search on government sites can provide you with all of the information you need.

Whether the crisis is caused by personal or family illness, the loss of a job, or overspending, it can seem overwhelming. Your financial situation doesn’t have to go from bad to worse.

If you or someone you know is in financial hot water, consider these options: self-help using realistic budgeting and other techniques; debt relief services, like credit counseling or debt settlement from a reputable organization; debt consolidation; or bankruptcy. It depends on your level of debt, your level of discipline, and your prospects for the future.

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allows you to consolidate (combine) multiple federal education loans into one loan. Top Private education loans are not eligible for consolidation, but for some Direct Consolidation Loan repayment plans, the total amount of your education loan debt—including any private education loans—determines how long you have to repay your Direct Consolidation Loan.