Friday, November 18, 2022

Credit Card Government Debt Relief

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Minority Business Enterprise Center Grantsfor Non

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This is an example of the types of grants non-profits can apply for. It is given to non-profit organizations with minority leaders or owners. If a business, even if it is a sole proprietorship, is able to gain non-profit status, it can apply for such a grant. It can help them with debt. But again, it is not a sure thing, and if you arent a minority non-profit or business owner, youre out of luck.

How To Pay Off Debt With Low Income

If you have a low income, you dont have a lot of wiggle room to pay for anything but bills. But with some hard work, you can maximize your money by setting and tracking financial goals.

The first step is to decide what debt-relief option to choose. What are your goals? What resources can you tap? What percentage of your budget do you allot for housing? For food? Utilities? Transportation?

If you feel overwhelmed, consider free nonprofit credit counseling, like that offered by InCharge Debt Solutions. The counselors are professionals who can help you budget and discuss debt assistance options.

Take these steps to gain control of your debt:

  • Chart your spending: Keep track of how much you spend and where it goes for 30 days. Online banking makes this easy. Its all right there in your statement if you use a debit card, rather than cash. If you use cash, keep your receipts, use an app or write it down in a notebook. Youll be surprised how much you can trim off your monthly spending.
  • Tally up your credit card debt: Its human nature to try to ignore how much debt youre in, but knowledge is power. Adding it all up and seeing what it costs each month is the first step toward eliminating it. Divide the total by how much you can pay a month. For example, if you have $12,000 in credit card debt and you can afford to pay $400 a month, it will take roughly 2.5 years to pay it off. This assumes you dont use the credit card.
  • Financial Help For Women And Families

    Single parenting can add to the challenges of a low-income household. Financial help for single parents is available through:

    • WIC Provides supplemental food and more to low-income pregnant women and mothers, as well as children up to age 5
    • CHIP The Childrens Health Insurance Program provides low-cost health coverage to children in families that earn too much money to qualify for Medicaid.
    • TANF Temporary Assistance for Needy Families provides immediate help for necessities like housing and food.

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    National Debt Relief Customer Reviews

    National Debt Relief has an average of 4.31 out of 5 stars from customer reviews posted with the BBB. The company has also had 254 complaints filed with the BBB in the last three years.

    Comparatively, New Era Debt Solutions, one of National Debt Reliefs top competitors, has an average 4.85/5 stars from BBB customer reviews. New Era Debt Solutions also has a very low complaint rate, with just 3 complaints in the last three years. Freedom Debt Relief, another top competitor, has an average 4.35 out of 5 stars from BBB customer reviews. They have had 395 customer complaints in the past three years.

    Overall, National Debt Relief is a highly rated and accredited debt relief company whose scores and customer reviews are on par with their top competitors.

    How To Get Debt Relief Grants From The Government

    National Debt Relief

    May 19, 2021 · Debt Relief Grants from the Government. Firstly about the reality of governments debt relief grant we are very sorry to inform you that its just a fairytale with no real validity at all. The government does not offer any debt relief grant for free so if you find any websites offering information about free debt relief it probably contains misleading

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    Balance Transfer Credit Cards

    A balance transfer means moving burdensome balances to low-interest or interest-free credit cards. Credit card companies typically require you to have a credit score of around 700, so this might not be the debt relief solution for you if your credit is struggling. Plus, a transfer fee of around two to three percent usually applies.

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    What Is Debt Management

    A or DMP is a debt relief solution that allows you to streamline monthly credit card payments. A credit counseling agency can review your budget and credit card debts and then create a personalized plan for paying them off.

    You make one monthly payment to the credit counselor. That payment is then distributed among your creditors. Depending on the terms of your plan, your credit card companies may agree to waive fees or reduce your interest rates.

    The trade-off is that you typically must close your credit accounts as a condition of your enrollment. The credit counseling agency may or may not charge a fee for their services. This debt relief option could make sense if you simply need help staying on top of your credit card payments.

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    Government Debt Relief For Student Loans

    The largest consumer non-housing debt in America is student loans. As of Q4 2020, student loan debt surpassed $1.55 billion. Student loan balance increased sevenfold between 2003 and 2020 and comprises more than 37% of all non-housing debt.

    Student loans can be a heavy financial burden, making it more difficult to save money, build up a down payment for a home, or make ends meet. Currently, most student loans today are federal student loans, which are often eligible for various government student debt relief programs. If you are struggling with your federal student loans, then you should consult your loan servicer. Also, refer to the excellent student aid government website: https://studentaid.gov/h/manage-loans.

    If you are having short-term problems, then consider a deferment or forbearance plan. However, if you are struggling with payments, consider loan consolidation, loan extension, income-driven Plan, or an income-sensitive Plan. There also exist certain loan forgiveness plans.

    What Is The Cost

    Pay Off Heavy Credit Card Debt | Freedom Debt Relief Reviews

    There are no up-front costs for the consumer proposal debt relief program.

    When you file a consumer proposal, you and the trustee work out what you can afford to pay on your debt.

    The insolvency trustee then takes that amount to your creditors and negotiates a settlement.

    The cost of filing a consumer proposal comes out of the money going to the creditors.

    There is no other fee or cost to you, most people will save thousands of dollars in debt.

    My credit card was maxed out, then I was laid off and there was no way I could even pay the monthly minimum. We did a consumer proposal saving me $22,000! Many thanks, Bernice Power Whitby.

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    Cant Find A Government Debt Relief Program For Your Type Of Debt

    Government debt relief programs exist and yes, they are legitimate. However, theyre limited in the types of debt relief they offer and are only applicable to student loans, homeowners, and tax debt. Fortunately, there are several other legitimate debt relief options outside of those that are government-run that can help you with your debt struggles.

    The best way to find these programs is to . These trained experts can help you create a strategy for tackling your debt and identify debt relief programs you might qualify for. Consultations are free and no commitment.

    Get a free debt evaluation to learn which debt relief programs you can use to get out of debt in the way that best to fit your budget and goals.

    Negotiate Lower Rates With Your Creditors

    A lower rate means more of each payment you make can go towards the debt instead of accrued interest. This does accelerate repayment, especially if you make larger payments.

    Your chances of a successful negotiation increase if:

    • Youre not behind on your payments
    • Your credit score increased since you opened the account
    • Youve been a loyal customer for a number of years

    If you are not successful negotiating on your own, then that may be a sign you need the help of professional credit counseling services. Having a team of experienced negotiators on your side with established relationships with creditors can go a long way in making sure you get the results you want.

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    Coronavirus Credit Card Relief Programs

    Many credit card companies are offering some form of financial relief to customers impacted by the coronavirus pandemic.

    In order to take advantage of any of these relief programs, youll need to first contact your provider to formally request financial assistance. Be aware, however, that many companies are asking you to first visit their websites or use their mobile apps because theyre experiencing longer-than-normal wait times on the phone.

    While itll vary based on the company, here are some of the most common forms of assistance that companies are offering:

    Lowering or deferring your monthly minimum payment

    Many credit card companies are offering emergency forbearance, which allows you to skip or reduce your payments for a limited period of time. Keep in mind youll need to make up any skipped or reduced payments after your forbearance period ends. When forbearance ends, you won’t be asked to make up missed payments immediately, but you will need to resume making at least your minimum monthly payments, which may have changed.

    Waiving or refunding late fees

    If you miss a payment, your credit card company would generally charge you a late fee. During the coronavirus pandemic, however, many companies are waiving or refunding late fees, if you request financial relief because of the pandemic.

    Reducing your interest rate

    Establishing a payment plan to pay off existing balances

    Always Pay The Statement Balance In Full

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    The most surefire way to avoid credit card debt is to pay the statement balance when the regular purchase APR is applied. If your financial situation allows, set up credit card auto payments and select to automatically pay the statement balance. The next best option is to set up automatic minimum payments and then make an additional payment within 30 days of your due date to pay off the remaining monthly balance. If you have a zero-percent APR offer active, all you technically need to pay is the minimum monthly payment. However, you should plan on paying off the entire balance by the end of that promotional period.

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    Open The Right Card At The Right Time

    Dont rush into a decision. Take your time and examine all your options before you pick a card. Whether you need a card to help rebuild your credit or a card that has a promotional 0% APR, or one that earns rewards, make sure it fits your specific needs. From there, youll narrow down your choices and decide between no more than two or three similar cards.

    The credit card you choose should be helping you achieve your financial goals. So, dont settle for less, but dont shoot for the stars either. Find a balance that works for your lifestyle.

    Learn About The Types Of Personal Bankruptcy

    Federal courts have jurisdiction over all bankruptcy laws, so you must file a petition in a federal bankruptcy court. There are two main types of personal bankruptcy:

    • Chapter 13 lets people with a steady income keep their property. This bankruptcy plan allows filers to keep a mortgaged house or car they might otherwise lose in the bankruptcy process.
    • Chapter 7 is known as straight bankruptcy. It involves liquidating all assets that are not exempt under federal or state law.

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    Us Department Of Labor

    Like the SBA, the Department of Labor is another government agency whose mission focuses on more than major disasters. But under the Disaster Unemployment Assistance Act, the DOL gives disaster recovery aid to anyone whose livelihood has been disrupted by a major disaster. DOL provides these victims with unemployment benefits.

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    Debt Relief Service And Credit Repair Scams

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    Debt relief service scams target consumers with significant credit card debt by falsely promising to negotiate with their creditors to settle or otherwise reduce consumers’ repayment obligations. These operations often charge cash-strapped consumers a large up-front fee, but then fail to help them settle or lower their debts if they provide any service at all. Some debt relief scams even tout their services using automated “robocalls” to consumers on the Do-Not-Call List.

    Auto loan modification scams falsely promise that they can reduce consumers’ monthly car loan or lease payments to help them avoid repossession. The FTC also works to make sure consumers get a fair deal in the auto marketplace.

    The FTC has brought scores of law enforcement actions against these bogus credit-related services, and the agency has partnered with the states to bring hundreds of additional lawsuits. Further, in 2010, the FTC amended its Telemarketing Sales Rule to protect consumers seeking debt relief services, like debt settlement or credit counseling. The Rule prohibits for-profit companies that sell these services over the telephone from charging a fee before they actually settle or reduce a consumer’s debt. It also prohibits debt relief providers from making misrepresentations and requires that they disclose key information that consumers need in evaluating these services.

    Cases

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    Low Income Financial Assistance Programs For Debt Relief

    Many times, when we are going through difficulties in our life, we just want to get help anyhow and we dont think that the help which is given to us is useful or not for us, or it can be a scam. Same as, many times most of the non-profit organizations come forward to help the people and also people think that getting help is the best source, instead of the government. But when you decide to take help from a non-profit organization then you need to read the small print. Because most of the time these non-profit organizations come with schemes that are not helping the people, but they do scam with them and people have to face more difficulties. Thats why it is most important to know about their schemes and investigate them in advance, so later you dont have to face any problem.

    When you are seeking government grants to get out of debt, you will find a list of the government grants That are provided by them, and the amount will lie between $5 to $80 anywhere. But you find that in the end, all these grants are the same, and just are sold by different companies. So, first confirm which grant you need and which company is provided it to you, so that you cannot apply for the same grant with any other company.

    Common Debt Relief Scams

    Fraudsters know that consumers seeking debt relief may be desperate to find the help they need. So, they prey on the vulnerability of those who need assistance with scams that could cause even more damage to their financial health.

    As youre researching companies that provide debt relief services, steer clear of those who demand upfront payment or make promises about debt settlement offers. Its also a red flag if the company:

    • Tells you to cease all forms of communication with your creditors and lenders
    • Promises to make your unsecured debt disappear or help you pay it off for pennies on the dollar
    • Suggests that you use a new government program to eliminate your credit card debt balances

    You can also avoid scams by checking the companys accreditation status with the National Foundation for Credit Counseling and the Better Business Bureau. Both platforms allow consumers to read complaints theyve received . And be sure to visit your state attorneys office and search for the company to confirm theyre licensed to operate in your state.

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    Other Grants For The Elderly Minorities Disadvantaged People Etc

    There are a number of grant programs to assist senior citizens having financial difficulty, again minorities, and people who are in some way disadvantaged . Mostly you find these grants by consulting local offices such as the Department of Social Services, the Department of Housing and Urban Development, the Department of Health and Human Services, and in the case of medical care, even hospitals. But again, very few of these grants are for what one would consider debt relief. They are mostly for paying much needed fees and so on. In addition, it is often necessary to be affiliated with some sort of non-profit organization to qualify.

    If this article seems somewhat sobering, that is its intent. People need to stop being taken in by promises of free government money and the like, and realize that what the government really offers in the way of assistance are limited programs with limited amounts of money for specific basic expenses such as housing, education, health, and so on. Your best bet is to just talk to your state based departments for specific types of costs you need help with.

    Taking the pressure off your current expenditures may allow you to catch up on some of your debt. Getting a better job or starting your own lucrative business is an even better idea. Generally, forget the idea of individual debt relief grants and get more motivated in present time.

    Look at the actual > Government Debt Relief programms available in 2022.<

    If You Have Little Or No Money To Pay Your Debts

    Best Ohio Debt Relief, Consolidation and Settlement Company (for 2019)

    If you dont have any money left after paying your priority debts and living costs, or you only have a small amount, check if you can increase your income. You should also check if you can reduce your living costs.

    If you still dont have enough money to pay your debts you might be able to:

    • get a Debt Relief Order
    • apply for bankruptcy

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