How to Pay Off Debts With Government Funds

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Government funds are rarely available to pay off personal debts, but searching for a government grant can be used as a last resort after attempting to plan out debt relief. Find government funds to help out personal debt with advice from a licensed financial planner in this free video on personal finance.

Part of the Video Series: Debt & Debt Consolidation
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Video Transcript

Hi, my name is Bill Rae. I'm with HBW of Florida, and I've been in the finance field for well over 20 years. Today's question is: How to pay off debt with government funds. Well, we need to take a reality check. In today's market, there are many scams out there that are trying to take advantage of people who are in stressful conditions. My suggest to you is to use common sense. Why would the government give you money to pay off your debts? Of course, unless you're a big corporation and ask for a bailout, but that's a topic for another day. The average person who is in debt may find that many of the programs they're hearing about and seeking are attempting to sell you tools and books and calculators and all sorts of things that tell you how to get grants. Grants are available, but I haven't found any that says, "I want to borrow money from the government and not pay it back because I'm in debt." There is money available for businesses and all sorts of things, but I would question that one. The best way to get out of debt is to start your own plan and remember, you either need to cut cost or increase income. That's using common sense. So be careful. Don't waste your money racing down for quick fixes. Getting in debt and getting out of debt requires a plan. My name is Bill Rae. I urge you: Seek counsel from someone outside the programs you're looking for, such as companies like ours. My name, again, is Bill Rae, I'm with HBW, and we're helping you build wealth.

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