Credit Card Debt Relief–Are Federal Grants Available To Help Erase Debt Quickly?

Debt relief from credit cards is something that many Americans are seeking and thanks to new laws by the Obama administration to cap charges and interest rates on credit cards many people are gaining a better hold of this type of debt. However, many cardholders with a high amount of credit card debt have gotten the idea that they can erase their credit card debt quickly through the use of federal grants. This information is untrue as there are no federal grants to help individuals erase their credit card debt. However, there are resources to help individuals who have credit card debt find the relief they need by helping them form a plan of attack on their debt.

There are debt relief services that make claims of being able to erase someone’s credit card debt or offer governmental grants for dealing with debt. The FTC has a list of guidelines that may help individuals discern from a debt relief scam. There are many companies or individuals who would take advantage of someone in a bad debt situation by offering them assistance in dealing with their credit card debt. However, many of these services will ask for a fee, charge a credit card holder for their assistance, or they will simply take someone’s money outright by promising debt relief assistance after a cash payment upfront.

Sadly for many, there are no get-out-of-debt-quick schemes available for anyone who may have a large amount of credit card debt. Yet, there are various ways in which credit card debt can be handled and, depending upon an individual’s situation and financial habits, these ways of dealing with credit card debt can make getting out of debt a bit easier. For instance, financial advisor Dave Ramsey says on his website, that nothing good can come from credit card use and that no matter how someone pays their credit card debt they will always end up paying more.

Combating credit card debt, is something that be done in a way that will allow an individual to pay off their credit card charges as quickly as possible so one can avoid excessive fees or pay more on the total amount paid due to interest. While Mr. Ramsay believes that paying on one debt source at a time, from the smallest to largest, is one of the best ways to combat debt, there are also simple financial habits and practices that can help someone handle their debt, erase their debt, and avoid spending beyond their financial limits in the future.