Richard wrote to me at GetOutOfDebt.org and asked me the question below. If you have a question you’d like to ask, just visit GetOutOfDebt.org to contact me.
I keep hearing about free money from the government to pay off my debt. How can I get some of that money so I can get ride of my credit card debt? Is there a government fund that can help me get out of credit card debt?
Over the years I’ve been asked this time and time again. People have sworn to me that government money is available to pay off debt but all the stories I have heard have all been from people that have heard it is available rather than a single person that has ever received money from the government to pay off debt.
Even the premise that a government entity would give you money specifically to pay off debt is preposterous. The government can’t even pay their own bills.
The only exception to this is that I have had clients that took out student loans and had money left over and used some of that to pay off bills. That was not free money. It might have come from the government but it was supposed to be used for college expenses and not debt reduction.
Free money to get out of debt would not be money that has to be paid back so the claims of free government to get out of debt are just urban myths and nothing else.
The closest real thing that comes to that would be bankruptcy since it is a legal process sanctioned by the government and eliminates your debt.
Thanks for your question.
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