Many individuals think they are the only ones suffering from the current economic condition. However, this is very wrong. More than half of American families are currently suffering from overwhelming debt. In an effort to boost the economy and decrease the staggering numbers of individuals filing for bankruptcy, the Federal Government issued federal grants for debt relief. This money can be used to pay off existing debt and get back financially on track.Yes, it sounds crazy, but the American government is in desperate need for their citizens to spend money. The lack of spending has severely hurt current interest and exchange rates. Spending has dropped because of an increase in debt, and it is not making the economic condition any better. The grants are given to eligible individuals to pay off their debt. Once an individual’s debt is cleared, they will be able to rejoin the consumer population.To qualify for a grant, an individual needs to present more than ten-thousand dollars in current debt. They also need to prove their financial inability to repay debt. Individuals are made to sit with a federal evaluator to assess the current situation of each individual and determine whether or not they need assistance provided in repaying their debts.Federal grants for debt relief are a great way to get rid of debt. However, it is advised that individuals, who receive this relief, also sit down with a credit counselor. They assist in determining the best way to disburse the grant to the various creditors. They also provide the necessary educational tools to instruct individuals on how to go about living their lives free of debt, so this situation does not occur again. http://Www.mydebtsolvers.com offers free assistance in determining whether or not an individual is eligible to receive this form of relief.
