Drowning in debt? Stressing about making the house payment, credit card bills, and finding the money to send Junior to college? Considering filing bankruptcy? You are not alone. There are programs available to help alleviate some of your financial stress.
Home Loan Modifications are now available through your lender. With this program, your existing loan can be modified to lower monthly payments. If you are in default, even if foreclosure procedures have been started, contact your lender immediately. Loan Modification will stop the foreclosure proceedings.
Credit card companies are now being limited to the amount of interest and hidden fees they are able to charge to their clients. If you are in default of your credit card debt, contact the company and work out a payment schedule. They are willing to work with you rather than have you file bankruptcy.
If you or your child is attending or planning to attend college, scholarships are widely available, as much as $10,000 per year, as well as Pell Grants and State Grants. Speak to a financial aid advisor regarding these programs. The first $4000.00 of educational expenses can now be deducted on your taxes, giving further relief. Student loans, if you do not qualify for enough scholarships and grants, are now repaid on a schedule based on income and the number of people living in your household. Keep these payments current, because, after 25 years, the remaining balance is forgiven.
Do a little research, speak to financial advisors and above all, don't lose hope.
***Update***
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