How to Get a Federal Grant to Pay Off Debts

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Getting a federal grant to pay off debts can be complicated, as there are many scams that try to sell the idea of readily available grants. Research federal grants thoroughly to help find a legitimate source of help 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. I've been in the finance field for well over twenty years. I noticed every time when the economy seems to take a turn down, this question pops up a lot. How to get a federal grant to pay off debt? Okay? Let's use some common sense. Why would a grant be given to you to pay off your personal debt? Do you have a way to earn extra income from that grant money? Are you helping society in general? Those are generally reasons why the federal government will give you grants. My caution to you is when you're doing your exploration to look at these programs out there that promise you to get federal grants, do understand they're in the business to make money. Their business is to sell you on the concept that there are grants available for you, to pay your debts. So, read carefully. Understand that most of them are out to sell you something. Can you get a grant? Is there a grant? There probably is one, but using common sense, would it make sense for the government to give you money to pay off your debt? Only extremely large companies in today's environment seem to be getting assistance. But it's only because the detriment to those companies would cause the demise of a multitude of jobs. Are you in that situation? To pay off personal debt, I think that most people would have the common sense to realize there's no white knight out there, and no magic pill. The only way to get out of debt is to cut your expenses, or increase your income. Too many people throw good money after bad, racing for schemes and hoping for that magic program that's going to cure all their ills in a single swipe. Personally, I don't think it's there, but do your homework. Talk to counselors. Seek out people. If those grants are available, don't you think other folks have already got 'em? And if so, who are they. Let's talk to them. That's my opinion. My name is Bill Rae, I'm with HBW, and we're helping you build true wealth.


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