What is Debt Consolidation
Credit Card Debt Consolidation
Medical Debt Consolidation
7 Tips About Debt Consolidation
Common Debt Consolidation Mistakes
Debt Consolidation
Risks of Debt Consolidation, Types of Debt Consolidation Loans, Pros & Cons
Balance Transfer or Debt Consolidation?
Debt/Credit Calculators
 
Discussion Forum
 
Credit Counseling and You
Non-Profit Credit Counseling
 
Consequences of Credit Card Default
Effects of Credit Card Default
9 Common Credit Card Mistakes
Eliminate Credit Card Debt in 90 Days
Credit Card Debt
10 Expenses You Can Not Afford If You Have Credit Card Debt
Truth About Credit Card Companies
Should I Tear Apart My $300 Limit Credit Card - The Worst Credit Card Ever?
Disputing Credit Card Debt
401k vs Credit Cards: Where to invest?
 
Debt Settlement Letters
Sample Letters
Write a Powerful Debt Validation Letter
Reputable Debt Settlement Agreement
 
Debt Settlement vs. Debt Consolidation
Dangers of Debt Settlement
Avoid Debt Settlement Pitfalls
Debt Relief Tools/Debt Management Programs
Debt Settlement FAQs
Is Debt Settlement Money Taxable?
 
Reduce Medical Debt
Free Bill Consolidation: Does it exist?
Budgeting to Stay Debt Free
10 Debt Reduction Mistakes
Should I Pay Off my Debt or Save Up for a Down Payment on a House?
Bill Consolidation
Three Secrets to Lowering Your Debt
Tips To Lower Your Bills
 
Government Debt Help
Debt Help During Recession
Debt Relief During a Recession
What Debt Relief Means
 
Pay Off $50,000 Debt
Worried About Bills?
Money & Debt Videos
Report Illegal Collection Activity
Managing Medical Bills
Medical Debt & Bankruptcy
The Facts on Debt
Debt Quotations
Drowning In Debt?
Who to pay first?
Managing Debt FAQs
Medical Debt Solution
12 Hot Tips for Eliminating Debt
7 Debt Elimination Mistakes
2 Ways to Achieve Debt Elimination - Debt Snowball Elimination Method
 
Payday Loan Consolidation
Payday Loan Debt Consolidation
Payday Loan Relief
Default on a Payday Loan?
Payday Loans | Consumer Information
Problems with Payday Loan Stores
Bad Credit Loan Relief
How Payday Loans Work
 
What is Loan Consolidation?
How to get a $50,000 loan
Get an $80,000 Loan
$100,000 Loan for Debt Repayment
Veteran's Home Loan Refinance Options
Government Loans vs. Private Loans
Finding a Government Loan
Student Loan Consequences
 
Reputable Debt Consolidation Companies
Debt Consolidation Company Reviews
Reputable Debt Management Companies
List of Debt Companies in USA
Debt Companies By City
 
How Debt Affects Your Credit
What is shown on my credit report?
Improve Your Credit Score
Correct Credit Report Errors
Can Debt Settlement Ruin Credit?
Can Debt Negotiation Ruin Your Credit?
 
401k Limits
Safe CD Rates
Financial Planning
Banks versus Credit Unions
AMEX Horror Stories
IRS Tips For Audit
Choosing a Tax Preparer
American's not planning for long term care
Understanding Usury Laws
Unemployed During A Recession
FREE Government Grants
Where does money really come from?
 
About Us
Contact Us
6 Payday Loan Debts Owe
Borrow a Loan to Pay Off Payday Loan?
My husband was out of his job and Payday Loans were rolling over

Debt Consolidation Facts

1. If you spend more than 50% of your credit limit every month, this indicates to the Credit Bureau that you do NOT have enough cash on hand to meet your monthly expenses. This will identify you as a high credit risk and will actually reduce your credit score by 60 - 70 points overnight (Fair Isaac).

2. If you miss 1 or 2 payments on your credit card debt, the issuing company will skyrocket your interest rate to a whopping 27% - 30%!

3. Out of a random sample of 3 million American consumers (included in Experian's National Score Index), 51% of them have at least 2 credit cards and 14% of them have 10 or more credit cards.

Researching the Government Loan Programs

Mega corporations are receiving huge bailout loans from the government. Knowing our tax dollars are funding this massive debt, you may find it surprising that more people are not looking into loans and grants available from the federal government.

There are programs to help Americans deal with many aspects of debt. Job training can help stave off a painful lay-off while disaster loans are out there for those who have lost their homes or belongings due to Mother Nature.

Video: Truth About the Bailout

The range of loans is impressive. Businesses might qualify for loans from the Small Business Administration while farms can stay afloat from funding available through the Farm Service Agency. It’s easy to find these loans via the Internet. You can also contact your state government for more information.

Government Loans Versus Grant Money

Don’t confuse grants with loans. Grant money is given to you for whatever reason. That money is yours to use towards the reason you asked for it. A loan must be paid back over time at the designated interest rate.

Video: Using Grants to Consolidate Debt

Understanding Rates and Loan Terms

With federal college loans payments start while you are in college. If you take out a federal college loan for employment opportunities, make sure you have the means to pay on those loans while you are in school.

Federal loans are low-interest and available to low-income people. For example, the USDA’s Rural Development loans currently (2/2009) offer interest rates as low as one-percent for twenty-year loans for up to $20,000. It is an affordable way to avoid driving up credit card debt with necessary home repairs.

Can the SBA Help You?

The Small Business Administration offers loans to small businesses. The second most common reason businesses fail is due to a lack of capital. The SBA helps provide businesses with the money they need.

government loans

The SBA does not hand out the money to anyone. To apply and qualify for an SBA loan, you must meet their requirements.

  • You must have invested your own funds and time into your business.
  • Have solid collateral to cover the loan should your business fail. This may include equity or equipment.
  • Provide a solid business plan including profit and expense reports.
  • Possess the skills, education and/or experience needed to run that specific business.

Government Programs for Debt Relief

money from the governmentThe government offers a number of loans that can help homeowners who have suffered a financial set back. Owners of homes in declared disaster areas are entitled to loans from FEMA and the SBA. Those at risk of foreclosure may qualify for a new FHA program called “Hope for Homeowners.”

Farmers and Veterans feeling financial strain may find programs for which they qualify to help them through these troubling economic times. Farmers may qualify for loans from the Farm Service Agency. Veterans can contact the VA for information on refinances, home equity loans and VA loans against their life insurance policies.

If you have college loans, the Federal Student Loan Consolidation program may be an option. Be warned, however, that Sallie Mae stopped participating in the program due to their financial crisis.

Career Advancement Possibilities

Those who have lost their jobs can check out a slew of offers providing educational loans. If you’d like to try out a new career, there are loans available for those willing to enter into the field of clinical research, health, AIDS research and similar fields.

Programs like the Nursing Education Loan Repayment Program are geared to help fill a shortfall in skilled professionals by providing college loans.

Spend a little time researching the programs that the government offers. You may find a loan or grant that can help ensure you make it through this economy and your financial crisis with a fresh new outlook.