Debt Relief Grants or Debt Consolidation? You Choose
When you are dealing with debt in excess of what you can pay, it can be very difficult to determine the best way to move forward. While common sense may dictate that there has to be a way to overcome your situation, it probably does not feel that way in the moment.
If you find yourself in this scenario, you may be weighing your option for assistance with bringing your debt under control. While bankruptcy is a solid option, it is not the right choice for everyone. Some have reasons they have to avoid it, while others simply do not want to undergo bankruptcy. Regardless of the reasoning, rest assured that there are other options – and the choice is yours when determining which is best for you.
First: Which Type of Debt Do You Have?
Deciding between seeking a debt relief grant and working toward debt consolidation can be simplified if you consider the type of debt that you are struggling with.
Is your debt personal, such as from loans or credit cards? If so, you would may be best served by debt consolidation services provided that you have the ability to pay back the debt over time and the creditor agrees to such a payment plan.
Is your debt medical, student loan-related, or the result of a business start-up? If so, you may qualify for the terms of a debt relief grant – and it may be in your best interest to apply for one.
What Does Each of These Methods Entail?
Debt relief grants are federally-backed grants provided to help those with certain types of debt – such as those outlined above – to find relief from them. Since these types of debt are considered less fault-based, the program focuses on providing a second chance for those struggling to repay them.
Debt consolidation is aptly named, in that it consolidates the many smaller sources of debt a person may have into a single, typically more manageable lump sum. This sum is then paid down in a single, monthly payment, making the approach one that many can handle while continuing to work and provide for themselves and their families.
If you are still undecided or feel that you need more guidance in determining which of these options would be best for your unique scenario, talk to a Phoenix, AZ debt relief attorney. The professionals at the Law Office of Larry P. Karandreas can guide you through the process of deciding which route is best for you to take – and making your decision into reality.