subject: Grants To Pay Off Debts - Government Money With No Repayments [print this page] Grants To Pay Off Debts - Government Money With No Repayments
Like many individuals, your debt may have grown way beyond your income.
The slow economy makes it difficult to pay off bank loans and credit cards since most businesses are forced to cut back on salaries and lay off their employees. The rising prices for gasoline, food and other everyday commodities have forced most individuals to use personal credit cards for their basic needs. As a result, their liabilities are growing faster than their income.
Aurora Lillo Editor of the "Debt Relief Government Grants" website -- http://www.DebtReliefGovernmentGrants.com -- pointed out;
"...However, President Obama's debt relief government grant program has helped thousands of individuals to dramatically reduce their liabilities and stabilize their finances. One of the best parts of using these grants is that you can get the government money for free with no repayments..."
How Does A Grant Work?
Regular bank loans work differently than government grants. A bank loan requires you to have collateral to cover your loan in case you stop paying it back (default). It is similar to getting a home equity loan that allows the bank to get its money back by selling the house in case of default. A bank also will request a credit report to see if you have a good credit score and a certain amount of credit history.
Debt relief government grants are less complicated than regular bank loans. First, it will not charge you interest since it is not a loan and does not need to be paid back. Second, the government will not need to evaluate your credit history since there is no money being loaned and therefore no risk of default.
Also, some bank loans have restrictions on how you can use them. Student loans are specifically for college tuition and student housing and are paid directly to the college. Government debt relief grants typically are deposited directly into your bank account.
How To Use Your Grant Money
As soon as you receive a debt relief government grant, pay off the credit card that has the highest rate or the largest balance. This type of card has the highest interest fee and will keep adding more money to your balance every month. You can make a big dent in your liabilities paying off the entire balance.
"...Once you have lowered your credit card and loan balances, it will not be long before you see a higher credit score on your credit report. Credit card companies report to Equifax, TransUnion and Experian credit bureaus to update their customer accounts when they receive new information..." added A. Lillo.
Further information about debt relief government grants by visiting: http://www.DebtReliefGovernmentGrants.com
