Obama’s Stimulus Package Allows Government Grants to Pay Off Your Debt Today

The internet is bursting with companies claiming that they can help you get government grants to pay off your personal debts. While the government does set aside billions each year to fund grants, the claim that a simple cash allotment is available to you is greatly exaggerated. Realistically, our government provides grant funds to states, cities, and private organizations to provide assistance programs to needy citizens. Direct grants are awarded to farms, ranches, and small businesses.

The government does not provide funds to individuals to pay off personal debt.

This doesn’t mean that debt relief cannot be found in government grants, it just means that creative thinking is involved. Those with a business idea might be able to obtain a grant large enough to pay off all debts plus pay the start up costs of a business. The government provides $200,000 to farmers in grants and $500,000 to those wishing to start a small business. If your business idea requires the ability to obtain government contracts, the government offers $300,000 grants to help you secure them ($500,000 if you are a minority). You can even get up to $3,000,000 in venture capital. A resourceful person could find a multitude of ways to benefit from these grants.

Utilizing those grant funded public programs can also be a boon. Roll over all or some of your personal debt into your mortgage. If you are able to make the mortgage payments, then your unsecured debt becomes a tax write off. If you can’t make those monthly payments, the Department of Housing is prepared to use grant money to provide mortgage assistance and foreclosure prevention. The government is even prepared to give you $7,000 for home repair (Rural Housing Repair Loans and Grants).

Another public program funded by grants that can be to your benefit are those given to family services, health departments, and hospitals for the purpose of paying for medical services for those who are not covered by insurance and cannot pay their bills on their own. Medical bill debt can be a thing of the past if you know where to look.

Checking out the government grant web site regularly will reveal existing and emerging opportunities to get out of debt with government grants.

Originally posted 2010-02-26 23:40:12.