As the United States government levy and collect taxes, it earmarks billion of dollars annually for grant purposes.
Unfortunately, thousand of United States citizen fail to submit application to the collection of this grants.
As far as they are concerned the grant is for special group of people.
You may be asking why the government is giving grants for debt relief purposes.
Reason being that as individual are indebted more and more, this leads to their expenditures growing higher and higher.
As a result, their spending in the market places falls significantly.
In the long run, this will begin to have negative effect on the nation economy.
Hence, for any economy to thrive, people must be motivated to spend adequately.
Relatively speaking, grants are easily accessible above all varieties of loans in the market.
These grants in question may serve various purposes.
With this grant, you can begin business or to pay off your debt.
Similarly, health care debts, education debts and many more debts can as well be offset by a loan.
Obviously, government grants serves as a suitable debt paying vehicle.
Again, every tax payers are eligible for grants with little or not stress.
Everyone who can prove beyond reasonable doubt that they are bankrupt are also eligible for such loan.
The financial stabilities of all the prospective applications are verified by the social service officers prior to the release of the grants.
The essence of this is to be certain that only those who are genuinely in need receive this grant.
So many advantages can be derived from using grants for debt relief.
It is mandatory that you tender proofs that you are incapable of paying back your loan.
Unlike loan, collateral is not required for receiving grant.
Some of these benefits include:
- Since it is meant to assist, grant is not expected to be paid back and this is in contract to loan.
- Interest is not attached to grants and tax office
- Grants improve financial stability of the beneficiaries by making him or her debt free.
- Additionally, debtors are protected from going bankrupt.
Rather, debtors pay their debt using grant.