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Credit Card Debt Relief Government Programs: Fact or Myth?

 According to recent statistics, nearly half of all U.S. consumers have credit card debt - and of those, the average amount of debt is just about $10,000. If you carry credit card debt or other types of unsecured debt, you’re not alone. Knowing you’re not alone may provide some measure of comfort, but it doesn’t do anything toward helping you get your own debt under control.

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When it comes to consumer debt, the government finds itself in a unique position: On one hand, consumer spending - whether it’s with cash or credit - is what helps drive the economy and keep it “healthy”; on the other hand, when consumers are in too much debt, they tend to stop spending - and that drives the economy down. It might seem to make sense, then, that the government would provide debt relief assistance to consumers with very large amounts of debt. And in fact, there are plenty of attention-grabbing headlines across the web that make it appear like the government does, indeed, offer grants and other programs to help people pay down their credit card balances. If you’re one of those people looking for an easy-access credit card debt relief government program to pay down your own debt, we have some bad news: those types of programs simply don’t exist.

A Different Type of Relief

While the government might not write a check to cover your credit card debt or car loan, there are some assistance programs that could help you get some breathing room in your budget - if you qualify. The Supplemental Nutrition Assistance Program (SNAP, or what used to be called food stamps), subsidized housing, financial assistance for medical insurance and help with utility bills are all available, as are programs to help reduce your monthly payments on student loan debt. But there’s a catch, and it’s a big one: For all these programs, you must meet stringent income requirements in order to qualify. And even if you do qualify, these programs are not technically credit card debt relief government programs because they won’t help you directly pay back your debt (although they can help free up a little money in your budget which you can then put toward your debt).

Credit Card Help: Real Solutions

So now that you know there are no magical government debt relief grants to wipe out your balances, you can focus on finding the real solutions that can help you pay off your debts faster. The first step: get help. There may not be any credit card debt relief government program , but that doesn’t mean you have to figure out a solution on your own. Working with a debt counselor is a great way to get a handle on all that debt you’ve been carrying so you can work out a plan that helps you pay off your debts faster - and without draining your budget dry.

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At CareOne Debt Relief Services, our debt experts will work with you and your creditors to find the best solution for your needs. That means finding ways to get rid of or reduce late fees and other penalties, reducing your interest rates, and combining all your payments into one single monthly payment to make it easier for you to plan and budget. Plus, we’ll help you learn better ways of managing your cash flow so you can avoid falling into debt in the future. Being in debt is stressful - even a little scary. Having someone by your side can go a long way toward relieving stress and helping you navigate your way toward that debt-free life you've been dreaming about. Call CareOne at 1-866-497-1639 and ask for your free debt analysis today.

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