The bad news is that the rumors about government assistance for help with debt have been greatly exaggerated and you are unlikely to find any direct aid that will allow you to pay off all of your debts from one magical check delivered to you by the federal or state government.
These rumors are spread by companies that will charge you for access to information that you can already get for free and you will be sorely disappointed when you get it.
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.
Search on the Internet for debt relief and you will find hundreds of links to pages promising that there are Federal grants available consumers get relief from the personal debts.
The idea that you can apply for a grant and receive enough money to pay off all of your debts is appealing to many consumers, so appealing that they are willing to pay a fee to learn the secrets. Is there debt relief available from the government? The good news is that there is government assistance available to help with personal debt, including mortgages.
The overall lower interest rate is an advantage of the debt consolidation loan offers consumers.
Lenders have fixed costs to process payments and repayment can spread out over a larger period.
After you have identified where your money is actually going, and how much actual income you have, identify your spending priorities, and cut out all unnecessary purchases.
You should immediately contact your creditors if you are having trouble making payments.
In Massachusetts, credit counselors must be nonprofit organizations. Shop around and avoid credit counselors who charge large up-front fees or large monthly fees.
Two other methods of dealing with debt problems are consolidating debt through a single loan, and filing for bankruptcy.
Consolidating multiple credit accounts into one new loan with a single payment may help you lower your overall monthly expenses, increase your cash flow, and eliminate the stress of multiple monthly payments.