For those whose debts are $10,000 or above you might be in luck because you may be eligible for government stimulus money that has been set aside for those struggling in debt. These federal bailout programs, as well as private consolidation programs, are helpful in lowering the interest rates as well as the overall balance on your debts. Many people have heard about these programs and are working with government agencies to deal with their debts that are getting out of control. Many have viewed these government debt consolidation programs as a sign of hope.Ideally, federal government debt relief programs are approved once the lender is convinced that the applicant will not lose much when they reclaim their homes. It is important to state that this is only done once the property value is evaluated to establish its current value. This is done after factoring in things such as depreciation and proving the home should not be listed for foreclosure. Once this has been verified, it is up to the applicant to relay the information to the financial institution by letting them know that it is far more convenient to clear the debt with the new payment scheme. At this point, it is important to state that in order to qualify for such programs, the applicant must understand the right procedure of filing the application form.Alternatively, one could opt to clear the debt by opting to clear the debt using cash and debit when the opportunity arises. This makes it easy to understand which circumstances are ideal for saving and as such, it ensures you keep a level eye on things. Additionally, it also makes it easy for the individual to effect the necessary payments. Since people on this program are supposed to avoid using credit cards if they do it is advisable to choose a credit card company that offers favorable interest rates. Though this might sound like an impossible feat to achieve, it is important to state that it considerably reduces costs and consequently ensures that you build a great credit score.Once the user has decided that debt consolidation is the best way for them, they can continue working with this in order to get their FICO rating on the good side. Others who opt to work with counselors can learn various skills that will help them keep their debts under control and learn how to live within their means – skills they can pass down to their children.