Grant Alternatives - Indiana
With recent news regarding government-funded resources and bailouts for financial institutions, many individuals across America, including Indiana, are also looking for some type of debt relief option - even grant alternatives from the government. If this sounds like you, it is wise to understand what the government may or may not offer in terms of debt relief.
While the federal government has, indeed, provided debt relief bailouts for banks and other types of financial institutions, it DOES NOT offer any financial aid or grants for consumer debts - including credit card debts and unsecured personal debts such as department store charges, gas cards, or medical bills.
The good news is, if you are struggling with debts, there are a variety of debt relief options available - including debt consolidation, debt settlement, or even bankruptcy.
Explore your debt relief options. Answer a few, simple questions and request a free debt relief analysis and savings estimate.
Credit Card Debt Relief Options and Alternatives
If you are overwhelmed with credit card debts, you already know that it is a serious problem that will not just magically go away. The good news is, that while assistance through a government grant may not be an alternative, there is help available. One way that has been proven to help many consumers is debt consolidation through a credit counseling agency, or what is referred to as a debt management plan (DMP).
When you enroll in a debt consolidation program, credit counselors will review your finances, debt amount, and income. Then, they will typically create a strategy to help reduce your debts and submit proposals (on your behalf) to creditors asking for a reduction in interest rates, or the elimination of any late fees and other penalties.
The goal of debt consolidation is to provide you with a single, more manageable, and more structured repayment plan so you can, hopefully, direct more of your money towards paying the principal of your debts versus simply just paying the interest.
Another viable debt relief option, for many consumers, is debt settlement - a process where you hope to settle or negotiate with creditors for substantially less than what you actually owe. Many consumers in a debt settlement program are advised to stop paying their credit card bills so they can accumulate funds, over a certain period of time, which can be used to make a reasonable settlement offer.
In many cases, creditors typically threaten to take legal action against consumers that default on the terms of their credit card agreements. Many of these consumers, as a result of non-payment, will typically see their credit scores plummet.
Yet, in spite of the potential risks to their credit scores and the possibility of getting sued, debt settlement remains a popular alternative to bankruptcy - which can have a more devastating and longer lasting impact on personal credit.
Government-Funded Grants and Resources
While the government does not typically provide consumer debt relief in the form of grants, it does offer a variety of programs that can assist consumers who are struggling with their finances or possibly overwhelmed with credit card debts. If you're in a similar situation where your debts, for instance, have piled up and your income has been reduced and you may be forced to forego the essentials (such as medicine, food, and utilities) then fortunately, there is help available.
In the Hoosier State, there is a program called Temporary Assistance for Needy Families (TANF) that reaches out to financially-strapped individuals. This program replaces the Aid to Families with Dependent Children (AFDC), or what was formerly known as "welfare." State-funded programs like TANF provide cash assistance and various supportive services to eligible families with children under the age of 18.
If you are interested in learning about employment services, the state also offers a program called Indiana Manpower and Comprehensive Training (IMPACT) which offers job training services and other types of help designed for the unemployed.
Regardless of which option you choose to get credit card debt relief - whether it's in the form of debt consolidation or debt settlement services - or you simply want to take advantage of a government-funded program (in the absence of grant alternatives) to assist with your needs - there is help available for you and your family.
See your debt relief options today. Request a free debt relief analysis and savings estimate today.