US Government Debt Relief Grants Explained

Read the article below if you need to find out more about the US government debt relief grants.

Debt consolidation loans should not be expected to provide the relief that most consumers are looking for. One thing is certain: you will still earn more debts after the previous accountabilities are settled. This in effect is dealing one debt for another despite the fact that interest rates have been reduced extensively. The grants for debt relief are meant to do away with the debt absolutely. Debtors do not have the obligation to pay back the money that was utilized for this purpose. These applications for government grants or government debt assistance can be obtained for free in any government office or facility. You can also check out government websites that provide information regarding this program through the web. There are no fees demanded since you only have to submit the application and wait for corresponding approvals. Qualifications for eligibility include the following:

  • Families with relatively low incomes
  • Consumers with legitimate outstanding debts that cannot be settled with your present earnings
  • The applicant should be at least 18 years old

There are some legislative acts that you should be aware of in relation to national debt relief.

Measures Related to Debt Relief

  • The American Reinvestment and Recovery Act of 2009 was signed into law by U.S. President Barack Obama in February of 2009. It is a significant incentive program that is meant to provide more than $700 billion in federal money to citizens who need and are eligible for this assistance. This piece of legislation is intended for people who are looking for ways on how to pay off debt and searching for employment opportunities.
  • The Economic Development Administration (EDA) Recovery Act Funding is part of the American Reinvestment and Recovery Act of 2009 which is described as an unparalleled attempt to stimulate the American economy; produce and sustain millions of jobs for its citizens; and, address concerns that have hindered the country’s march towards total economic progress. The statute encompasses measures that can enhance infrastructure and energy independence; open out more opportunities for education; impart tax relief; and, pave the way for accessible health care. However, it does not really deal with debt help directly.
  • There is an existing government grant for aging citizens and minority groups. The program puts emphasis on financing the wellbeing of underprivileged people such as senior citizens, marginalized sectors and minority groups. One example is elderly folks who are not capable of paying off debt through their incomes.

Purpose of Government Grants

The scenario is that debtors who are determined in getting out of debt will always clamor for government grants. These people should realize that the rationale behind these grants is to make sure that small entrepreneurs are supported accordingly and poor communities are provided with the needed assistance. Before applying for such grant, you can file an application in the state of jurisdiction or opt for a legitimate debt management service. This institution must have a good track record so you are assured of the best results.