How to Get Financial Assistance During the Economic Recession

Right now more than half of America is in debt. The Economic recession has taken a toll on finances, and most households, are looking for a way to get out of debt. Don't be afraid or too embarrassed to ask for help, there are some ways to get free financial assistance.

Instructions

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Look at the amount of unsecured loans or credit cards that you have and see if you can consolidate the debt. Go to your bank or credit union and inquire about loan consolidation plans. If you're not satisfied with the answers you get, you can go online and try out www.CareOneCredit.com. This program was featured in Time Magazine as well as MSN and NBC.

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2.If you're living in Michigan in the Wayne, Oakland or Macomb County areas there are several non profit and/or government organizations that are willing to assist with rental payment assistance, or utility payment assistance. Organizations such as the Here to Help Foundation, Lighthouse of Oakland County, Department of Human Services, and OLHSA can assist. Contact United Ways 211 program by dialing 211 on a land line and ask for Human Service Assistance. Some of these organizations will also assist with free transportation repair or car purchases. Note that most of these programs are for families that are considered low income. If you live outside of these areas go to your local library to research non profit organizations that provide Financial Assistance to families or go to your local Housing Authority and/or Department of Human Services Agency.

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3.If you have outstanding student loan debts, you may qualify for loan forgiveness programs. These programs are mostly available to public service workers or educators/teachers working in urban communities. Go online and google "Loan forgiveness" to see what programs are available in your area.

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4.Housing is a major concern for many. You can find assistance on how to avoid foreclosure as well as methods to reduce your current mortgage by accessing www.hud.gov. The Obama Administration has made available several programs, including the Home Affordable Refinance program that can help homeowners, specifically those who are 125% underwater on their mortgage. For more details about help with your mortgage payments go to http://www.makinghomeaffordable.gov/ You also can access a free certified HUD Housing Counselor in your area to gain valuable knowledge on anything from credit repair and credit counseling to household budgeting, avoiding foreclosure and homeownership. Again check with your local housing authority for local housing program assistance.

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Go to your local library to look up consumer information and financial information. You may be able to find grants for individuals (particularly minorities or low income single parent moms) may be able to apply for financial assistance through private foundations. Most importantly beware of scams. Never pay money or any out-of-pocket costs in an effort to get out of debt and enter into a program. Debt consolidation services, loss mitigation programs and or mortgage assistance programs are free through your mortgage companies, government agencies, non profit agencies, banks and credit unions.