It is very possible for you to get a Government Grant so that you can pay off your old credit card debt. It has become more difficult to make ends meet because of rising fuel prices. Most people who need to get the basics to survive have been resorting to charging most of there purchases because there income is not keeping up with the rising prices. The problem is that you will get into a bad situation were you will have a hard time making the minimum payment on your rising credit card debt.

Getting a Government Grant can be a great thing to allow you some debt relief so that you can not worry about having so many high monthly payments. The Government likes to stimulate the economy by giving away grant money to the people who are most in need. It is important to remember that the Grants that are available to you are determined by your ability to get out of debt. If you can get a personal loan to pay off the debt they might not give you a grant. It is important to know that the grant money that you will receive is the only way you will be able to get out of debt.

When searching online make sure that you find a great legitimate source so that you are armed with all the information you can get. There is a lot of money that goes unused every year so make sure you get what you deserve.

Learn How To: Get Debt Relief NowBryan Burbank is an Expert on Finance for more information go to:

Article Source: Get the Secrets to Debt Relief - You Can Use Government Grants

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Let’s test your credit knowledge with 5 everyday situations.

Question 1: All else being equally who would have better credit?

Client A: This woman has a Visa card with a $5000 limit and routinely
charges $4500 to her credit card per month. She makes sure that she
pays off her balance every month.

Client B: This woman has a $15,000 limit on her Visa card and carries
an average balance of $10,500. She only makes the minimum monthly
payment require by Visa.

Answer: Client B

Explanation: Credit bureaus receive their information from Visa once
a month (as they do from all credit issuers). As a result, credit
bureau companies cannot determine if the credit balances are paid in
full or just partially. As a percentage Client A has a higher balance
on his credit compared to the credit card limit (90%). Client B has a
credit card balance of only 70% of her limit. As a rule of thumb you
should always keep you credit card balances at less than 75% of its
limit.

Question 2: All else being equally who would have better credit?

Client A: This man has managed to save in his RRSP accounts over
$250,000. In addition, he has over $150,000 in various savings
accounts. This man pays for everything with cash and does not have
debt or credit cards of any kind.

Client B: This man has 3 credit cards and routinely carries a debt
load of over $25,000. This person has total savings of $500 and thus a
network negative network of $24,500.

Answer: Client B

Explanation: Net worth is not reported to credit bureaus. In fact,
without any debts, Client A’s credit history would be bare and thus he
would have a very difficult time trying to get a mortgage at all.
Client B would have a fairly easy time trying to get a mortgage.

Question 3: All else being equally who would have better credit?

Client A: This woman is a brand new employee at a fast food restaurant
earning $8.50/hr. For the last 18 months she has had a credit card
with a $2000 limit. She rarely carries a credit card balance that
exceeds $1000.

Client B: This woman is a doctor and makes an average declared income
in excess of $250,000 per year. She has had good credit for years but
has recently closed all her debts and lumped everything into a single
brand new loan.

Answer: Client A

Explanation: Income is not reported to credit bureaus, so the incomes
listed in the question are a red herrings. Client B has recently
closed all her credit cards and other loans thus effectively reducing
her credit history to a very short period. You should never close all
your credit facilities at once like that. If you wish to close a
credit card make sure your new credit card has been active for many
months. (12 to 18 months)

Furthermore, being so new, client B’s loan would be right near its
limit and this would also hurt her credit score.

Question 4: All else being equally who would have better credit?

Client A: This man has had a mortgage for over 20 years with a
current balance of $50,000. He has never missed a payment on the
mortgage and has absolutely no other debts or credit cards. This
person uses their debit card frequently.

Client B: This man has one credit card with a $2000 balance. They
have missed one monthly payment 8 months ago. They had some minor
missed payment 3 years ago.

Answer: Client B

Explanation: Mortgages in Canada are not reported to credit bureaus.
I don’t know any official reason why. They are reported to credit
bureaus in the USA.

Client A would be nearly invisible to the credit bureau and thus it
would be assumed that he has bad credit. No credit equals bad credit.
He would find it very difficult to get a mortgage. Client B would
not have a problem.

In a marriage or common law relationship, it is very important that
each spouse has their own credit since a mortgage will not be reported
to either of their credit bureaus.

Question 5: All else being equally who would have better credit?

Client A: This woman declared bankruptcy 6 years ago and was
discharged for bankruptcy 5 years ago. She currently has a credit
card with a $10,000 limit and an average balance of $4000. 3 years
ago, while on an extended vacation she missed two monthly payments.
She quickly made up for the missed payments upon returning from
vacation and has never missed a payment since.

Client B: This woman travels for work and is out of the country a
lot. As a result, she has a splattering of missed payments spread
over the last 4 years. Her latest missed payment was 3 months ago.
She currently has a credit card with a $10,000 limit and an average
balance of $9000.

Answer: Client A.

Explanation: This is a trick question. Client A would undoubtedly
have a better credit rating. However, banks will forgive a bankruptcy
but never a missed payment after a bankruptcy and that is what she
has. Thus, client A would find it very difficult to qualify for a
mortgage despite her high credit rating. Client B would not find it
too difficult to get a mortgage.

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Has your stimulus check arrived yet? Still waiting on that $600 (or $1200 or $300) to arrive so you can go stimulate the economy?

Well, it turns out that if you got a Refund Anticpation Loan (RAL), you may have to wait a little longer.

USA Today says “taxpayers whose fees were deducted or who took out refund-anticipation loans are receiving paper checks because those loans involve a third-party bank account.” (see the full article here)

Now I personally believe these RALs are a RIP-off. They allow you to file your taxes and then get your money in about a day or two. For fees of $200 or more. I know people who got their refund check in under two weeks. So let’s say your refund is $400, you take a RAL (or “rapid refund”) and walk out with $200. You’ve effectively borrowed that $200 for two weeks. I don’t even want to think about the interest rate involved.

But now, to make matters worse, your stimulus check is being delayed because of that. Where’s the good in this?

(Preview announcement: By special request, I intend to blog on Cash Advance stores next week. Watch this space!!)

*** Update
One of my faithful readers found out (the hard way) that their stimulus check was delayed, not due to a RAL, due to paying Turbo-Tax with the refund. When you file online, you can file free when your income is below a certain level. Above $54,000 in income and you’ll have to pay. So, let’s say you use TurboTax (I think other tax preparers do the same thing) and find out you’ll get a nice refund. You can allow TurboTax to take their fee out of the refund.

However, since TurboTax is an intermediary in the tax process, your stimulus check will be on paper, instead of direct deposit.

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