Posted on July 20, 2009 at 2:54 am hello againdoes our government offer loans for debt consolidation???i am considering this and debt settlement in order to take care of the bills that i havhope you can help out

Posted on July 20, 2009 at 4:32 am If I am not mistaken these consolidation loans apply for student loans only, and not for all types of debts in general. Could you fill us in on the specific debts that you have, so that we can address this accordingly?

Posted on July 20, 2009 at 4:42 am If you're a small business owner, the government also offers loans for entrepreneurs whose businesses have gone thru financially hard times. According to the article linked below, eligible small business owners may avail of a loan for as much as $35,000. The program started last month.You can read more about it here:http://startup.partnerup.com/2009/06/09/sba-to-bring-debt-relief-to-small-business-owners/

Posted on July 20, 2009 at 6:00 am i owe renti also have credit card debt amting to $56 kmy phone bill is $900i sitll have kids to feed and a parent to take care ofand no i'm not a small business owner...

Posted on July 20, 2009 at 6:25 am I'm sorry to hear abt your situation. I believe the first thing that you need to do it settle your rent. Having a roof over your head is very important, especially since you mentioned that you have a family to take care of. You may try to speak with your landlord or landlady and discuss your current situation with them. Try to negotiate with them, if they agree to lend you a unit or a house with a lower amount, or if you can do small jobs for your neighbors just to add extra income. Try also requesting for a temporary rent reduction until such time that you are able to get back on your feet and make payments again.

Posted on July 20, 2009 at 7:07 am From what I know there's a Federal Family Education Loan (FFEL) and the Direct Loan Program issued by the government specifically made for student loans. They help to pay off the individual's loans and at the same time lower their interest rate. In other words they work just like a conventional debt consolidation loan.

Posted on July 20, 2009 at 7:20 am Right- but it does not sound like student loans is this person's issue. So to answer the original question- does the government offer loans for debt consolidation?- the answer is no, unless you owe student loans. You could potentially be approved for a debt consolidation loan by a bank or other lender, but keep in mind that unless you can get the loan at a low interest rate the only thing that essentially does is give you the opportunity to make one monthly payment instead of many. It does not attack the root of the problem, and as the old saying goes, you would be robbing Peter to pay Paul. Not to mention the fact that if you have poor credit history, the lender may force you to secure the debt (attach collateral) which is not a good idea if you are having financial problems. I noticed you mentioned you were thinking about debt settlement, which may be appropriate for you since you need to catch up on your rent and as a result may not be able to make your monthly credit card payments. You can fill out a form on DestroyDebt.Com for a free consultation or to get matched up with a qualified provider.

Posted on August 11, 2009 at 2:21 am in my understanding the government does not grant loans for debt consolidation--rather they offer grants.

Posted on August 11, 2009 at 3:03 am But those grants aren't for paying off debt--rather, for more productive things, such as putting up a small business, or for school tuition fees. If you attempt to get a grant with the purpose of paying off your debt, you'll most likely be denied.

Posted on August 17, 2009 at 2:08 am That's true, There aren't government loans for debt consolidation. My question now is, how do you apply for a grant?