With such difficult economic times at hand, it is no wonder so many Americans are struggling with the pitfalls of high-interest Debt. Credit cards, student loans, medical bills, and many other types of debt, can keep you stuck in a never ending cycle of minimum payments and increasing debt. Unemployment continues to soar, leaving over 10% of US citizens unable to find a job to pay off their debt. Thankfully, the Obama administration has stepped in to help reduce consumer debt with free government Debt consolidation loans.
Government sponsored relief programs are beneficial to all parties involved. You benefit by reducing your interest rates and consolidating your debt into one easy to manage monthly payment. Your lenders benefit because your debt is paid in full and eliminated completely. The entire US economy benefits. The best way to find out if you are eligible for government consolidation is to apply online. There are dozens of free government and private debt counseling services online that can help connect you with any programs that apply to your current debt situation.
A great example of a successful government relief programs is the DOE, part of the Direct Loan Consolidation program. This programs helps consolidate your loans into one single low-interest loan. This program is perfect for anyone with multiple monthly payments and interest rates. You can also use the DOE program to lower your monthly payment through extended payment terms, such as ten-year or twenty-year payment plans. Allowing you to slowly pay off you debt with a small payment each month.
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