You may have heard of people who are able to obtain government grants for their credit cards. If you are struggling with credit card debt, this probably sounds like an appealing option. Depending on your financial situation, a government grant may or may not be a feasible solution for you.
Government Grants for Credit Cards
An Internet search for this term will return many results. Unfortunately, most of these are scams designed to take advantage of consumers in debt and should be avoided under no uncertain terms. The good news is that there are many legitimate grants designed to help you pay off your mortgage, credit card and other personal debt.
Finding Legitimate Grants
It is very important to stay away from websites and companies that ask you for money in exchange for revealing the "secrets" to obtaining government grants. Visiting the official website of the United States Government is one way to find legitimate programs, as is turning to a nonprofit credit counseling service.
Will A Government Grant Eliminate All of My Debt?
There is no magical formula, or grant, that will make all of your debt vanish overnight. If you qualify for a debt assistance grant, however, your credit counselor will work with you to help you manage your finances and, over time, eliminate your credit card debt.
Can I Obtain a Grant?
Not everyone qualifies for legitimate government grants for credit cards. Your credit counselor will take into account your income and expenses, the amount that you owe and other factors. You should be prepared to submit proof of citizenship, proof of income, pay stubs, tax returns, billing statements and other financial documents upon request.
Debt Management
Eliminating credit card debt starts with a clear plan of action. Many credit card companies are willing to negotiate a settlement amount or payment arrangements with consumers. A nonprofit credit counseling agency can help you navigate through all your options, including government grants for credit cards
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