American Debt Relief – How Does The Government Help Personal Debt Relief?

The downturn of the global economy has been hardly reflected on the financial status of almost every middle classed American

. The past year has witnessed a huge number of delinquent loans that are adding up to a national debt of billions of dollars. Government assistance for credit card debt is offering great help to credit debtors who are experiencing financial hardships.

Many non-profit credit counseling agencies are providing valuable resources, counseling services and financial aid to debtors across America. Many federal agencies offer free services to credit debtors; these include Money Management International, Novadebt and Take Charge America. When searching for a credit counseling agency, make sure it adheres to these policies:

- To be identified as a non-profit organization by the IRS

- To hold the licenses demanded by the federal law

- To Audit trust and operating accounts

- To accurately investigate debtors' financial situations and provide them with proper plans to reduce or even eliminate their whole debts

- To deliver payments to creditors on time at least once per month

- To send statements to their clients on regular basis.

So, when should you consider contacting a credit counseling agency? If you are entangled in multiple loan payments that you aren't able to meet, such as mortgages, credit debts and auto loans, you should consider credit counseling. Moreover, if you have already tried to speak to your credit card company without reaching a settlement, credit counseling is indispensible.

Credit debtors who aren't able to meet their payments are often facing consolidation, modification or foreclosure. Credit counseling agencies usually lead debtors to the right way out of their debt problems. Counselors can negotiate your credit card company to reduce the interest of your credit debt so that your monthly payment would be more affordable. Consolidation loans are those loans that are used to pay another loan.

Credit counseling agencies can help you get a modification loan to pay off your credit card debt. Consolidation loans are usually of low interest rates as compared to the credit debt interests. Consolidation loans are set to terms of payment which could extend over twenty years.

Foreclosure is sometimes the sole way out of a credit card debt, but it would mean that all your assets would be sold to repay your credit card company.

Government assistance for credit card debt is a free of charge service that is continuously helping struggling credit card debtors across America.

American Debt Relief How Does The Government Help Personal Debt Relief?

By: Brendon Calvert

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