Digital News Report – Over the past decade Americans have been increasing their credit card expenditures and are now looking for ways to lower their obligations or monthly payments. There are various government resources available to help borrowers find help.
The Federal Trade Commission (FTC) says that if you are going to be late on a payment contact the lender immediately. In some cases they can wave the late fee especially if it is your first.
The FTC also provides budgeting information. It may be possible to consolidate the loans into a smaller payment.
Rather than pay late fees it may be advisable to take a personal loan. Payday loans could be a trap so this may be a last resort.
The real last resort, according to the FTC is bankruptcy. The laws may vary slightly between the states but there is quite a bit of work involved including counseling. Your credit score may also be damaged, so the FTC says consider this only as a last resort.
There are also government grants available. As part of the Obama stimulus package, there are numerous grants available. Acquiring a grant can be difficult and you will need to study the process before attaining one. Grants are available for local governments and some non-profit organizations.
By: Tina Brown