If you're a resident of Missouri who is overwhelmed with credit card debts and are looking for relief from the federal or state government, it's important to understand that the government does not offer any type of debt grants or government grants specifically to consumers to pay off their debts. Fortunately, if you are struggling with high-interest credit card debts as well as other types of unsecured debts (such as medical bills, utilities, or department store charges), you might be able to get assistance through a variety of debt relief options - including debt consolidation, debt settlement, debt consolidation loans, or even bankruptcy.
Both debt consolidation and debt settlement have become, for many consumers, popular alternatives to bankruptcy - which has a more damaging and longer lasting impact on your personal credit. With debt relief, you may find yourself able to breathe easier knowing that you can get expert help and get on a path to financial freedom. To explore your debt relief options and see if you qualify, list debt now and answer a few, simple questions to get your free debt relief analysis and savings estimate - at no charge to you.
"Why Should I Consolidate?"
If you are carrying debts from multiple sources, like credit cards or other types of unsecured debts like doctor bills, utilities, or retail store bills, debt consolidation (if you qualify), can make it easier for you to pay off debts at a pace that you can afford. Debt consolidation, or a debt management plan (DMP), gives individuals and families who are struggling with multiple debts the chance to combine, or consolidate, high-interest credit card and unsecured debts into one, more structured, and more manageable payment plan made to a credit counseling agency.
Credit counseling agencies, in turn, distribute those funds to credit card companies in the debt management plan. When you enroll in a debt consolidation program, credit counselors review your finances, debt amount, and sources of income and try to determine how much you can reasonably allocate each month to your debt payments. They 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. Creditors that agree to extend favorable payment terms are placed into the debt management plan. The goal of debt consolidation is to help you direct more of your funds towards paying the principal of your debts versus simply just paying the interest.
State Resources for Low-Income Families
While the state of Missouri, like other states, does not specifically administer debt grants or programs designed to help consumers with debt reduction, it does offer a variety of programs for those who are low-income or need a helping hand while they weather tough financial times. For instance, the Temporary Assistance Program provides assistance to needy families with children, helping them get access to food, health care, and other basic necessities. Missouri also has state-administered agencies that can help with housing concerns and help you avoid foreclosure, if you are a homeowner at risk or struggling with monthly mortgage payments.
Debt Relief Savings
One of the most commonly asked questions from consumers who are comparing their debt relief options is how much they can save, every month, if they qualify. Depending on your financial situation, the amount of money that you can potentially save will vary depending on how much you originally owe, the current interest rates that you are paying, and any late fees or penalties.
The bottom line is, if you want to start being proactive about paying off your credit card and other debts, there is help available. With the right debt relief program, you could be on your way to managing and reducing your debts at a more manageable and predictable pace, and start enjoying a life that is debt-free. Start now by requesting your free debt relief analysis and savings estimate - it only takes minutes!