Obama’s Debt Relief Program Offers Millions of Dollars in Grants to Pay off Personal Debt

March 13, 2010

Credit card companies are now being limited to the amount of interest and other fees they are legally allowed to charge. If you are in default of credit card payments, contact your company. Most companies will work out a payment schedule and most will give you a payoff amount that is lower than what is currently owed, sometimes by 50%. Remember, if you file bankruptcy, they do not get their money.

Home loan modifications are currently a hot topic. This program is available through your lender and modifies part or all of your existing loan, lowering monthly payments and making keeping your home more affordable. If you are currently behind in payments, or having difficulty keeping them current, contact your lender. Most lenders are willing to work with you to help you keep your home.

Scholarships and grants, both federal and state are now more widely available for families of low to middle income status. Financial aid advisors at the college or university of your choice will have information and be able to help you find financial assistance to pay for higher education.

Keep in mind that we did not create this problem overnight. There is no quick fix, but with a little research and some patience there are solutions currently available.

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