Government Debt Relief
In this tough economy, many Americans are looking for proven ways to get debt relief, including government help, with high credit card debts and other types of unsecured debts, such as medical bills, retail store charges, or utilities. If you are a resident of Missouri who is also struggling with unmanageable credit card and unsecured debts, you are not alone. Many consumers all across the nation are also facing their own debt crisis; as a possible solution, they are looking for some type of government debt relief program or grant. Unfortunately, the government does not offer consumers any form of debt relief grants or bailouts similar to those they gave banks and other financial institutions. But the good news is, you have options when it comes to finding debt relief - including debt consolidation, debt settlement, or even bankruptcy.
These days, debt consolidation and debt settlement have become popular alternatives to bankruptcy, which can have a more damaging and longer lasting impact to one's personal credit rating. That's why it makes sense to see if you qualify for debt relief and to see if you qualify to save. Answer a few, simple questions online and you will get a free debt relief analysis and savings estimate. Start now.
How Consolidation Can Help
Unmanageable credit card debt has, unfortunately, become a serious concern for many consumers these days. Often, as a result of a loss or reduction in income, or an unexpected medical or personal emergency, many Americans have been unable to manage or pay off their credit card debts and other types of personal debts. Depending on your debt level, debt consolidation might be a viable relief option as it allows you to take your credit card and unsecured debts and combine them into a single, easier-to-manage, and more structured payment plan made to a credit counseling agency.
When you enroll in a debt consolidation program (or debt management plan or DMP), credit counselors review your finances, taking into account your debts, assets, and income. Then, credit counselors typically develop 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, allowing you to direct more of your money towards paying the principal of your debts versus simply just paying the interest.
"Why Settle Debts?"
Another viable option for many consumers particularly those who are truly unable to meet their financial obligations or those with high balances on their credit cards (typically upwards of $20,000) is debt settlement, 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 typically 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 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.
However, 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.
Financial Assistance from the State
While the state of Missouri does not offer grants or programs designed for consumer debts, it does offer a variety of programs for those who are low-income or simply need a helping hand. For example, the Temporary Assistance Program provides assistance to needy families with children. In addition, there are state-administered programs designed to assist with getting access to food, health care, or employment resources. There are also agencies that can help with housing concerns and help you avoid foreclosure, if you are a homeowner at risk of losing your home or struggling with monthly mortgage payments.
"Do You Qualify for Debt Relief?"
When you are overwhelmed with credit card debts, finding a proven solution to get out of debt can be a challenge. That's why it makes sense to explore your debt relief options, such as debt consolidation or debt settlement, or even bankruptcy, to determine which program can help you manage, control, and pay off your debts. The bottom line is, if you are struggling with credit card debts, debt relief can help. Delaying will not solve your problem, so the smart move is to explore your available debt relief options today and find out how much you can save. Start now by getting your free debt relief analysis and savings estimate.