As part of its national economic stimulus package, the Obama administration has not only included help for those with mortgages to get lower mortgage rates but has also chosen to put billions of dollars worth of government grants to use for the specific purpose of relieving household debt. Unlike other methods of eliminating personal debt like filing for bankruptcy or obtaining a consolidation loan, if the government grant money is used to pay off debt, you don't have to pay it back in the future – it is essentially a free gift from the government.
There are various government websites through which you can apply for your government debt relief grant. Even if you don't think you qualify, you should apply anyway because you can still qualify for a grant even if you're earning up to $30,000 per year. If your application is accepted, you can use the grant money that you receive to pay off car loans, student loans, home mortgages, medical and credit card bills.
Even if you don't directly benefit from the government debt relief grants through grant money in the mail, you may still get some benefits of the stimulus package. A majority of the government grant money is going to businesses and local governments thus if you are connected to these benefitted entities, you will also receive the benefits of the Obama stimulus package. The most important thing is to use the money or benefits received as a result of the government grants to pay off your debts and regain a position of financial stability.
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