by Ken Lund
Government Funding

Federal Government Grants Can Help You Get Out of Debt Fast

As impossible as it may seem, the federal government has billions of dollars available in the form of grants that are given each year for various reasons. Though many people may have heard this, they may not have known how to apply for one of the many grants that are available. Did you know, for example, that during these tough economic times there are even grants that can help you if you have gotten yourself into debt and are now struggling to get out of debt.

When economic stress is at an all time high the unfortunate fact of life is that credit is still readily available. Even people who have no business applying for credit will find someone who will offer them loans and credit cards. It won’t take long before credit spirals out of control.

One of the worst things people do is purchase everyday necessities on credit but this is what happens when the money runs out and the credit line is still waiting to be used. Credit is an insidious enemy to financial health because the prices are going up on everything we need. If we charge food, gas, and other necessities, all we have to do is miss one payment or send a payment a day late and the interest rates can and will soar unbelievably. By the time you realize what is happening, it may be too late.

This is the best time to find a government grant for help with your outstanding debt. It’s not as hard as you might think to find a grant for this purpose. If you have computer access, search by typing in ‘government grants for debt relief’. There are literally thousands of sites advertising grants that are available from the federal government. After you have found a site that is reputable, refine your search to find a grant that closely fits your needs.

When people feel desperate about their financial situation, they sometimes take out a consolidation loan. But this is just a way of increasing your debt to pay off other debt. True, you may have a lower payment but frequently this just allows you to incur more debt. It is a vicious cycle and one that is very difficult from which to extricate yourself. Another method people use to completely get out of debt is to file bankruptcy but this is anything but a perfect solution, especially when you might qualify for a grant that would accomplish the same thing without the blow to your credit score that bankruptcy can deliver.

Look at it this way. Taxpayers are funding these grants and since you are likely a taxpayer, you are just getting back some of what you have already paid to the government.

After you have done your searches, pick a grant that you think will help you with your debt. Apply for more than one if you happen to find two or three that look promising. After your application has been examined it is actually possible that you will have an acceptance or denial letter within a week after you have applied. Don’t let any more time go by without doing something. You have absolutely nothing to lose and everything to gain.
Government Funding