It’s a scary world out there for many Americans. With the rising unemployment rate and the average income dropping, people everywhere are pulling out their plastic to help pay for food, gas, clothing, and other bills. This leads to a staggering amount of debt that most Americans simply cannot afford. Soon they can only pay the minimum, racking up thousands of dollars in interest and fees. To many struggling families, it feels like a maze with no end in sight.
A scary statistic for African Americans: in 2004, 84 percent of African American households that had credit cards carried a balance from month to month. Only 54 percent of white households did. Many Americans are drowning in debt that they can no longer pay.This is not good news for the American economy.
Now these college graduates are faced with a serious problem. They have maxed out their credit to obtain their college degree. They immediately start sending out their resume. As they continue to struggle landing their ‘dream job’, their bills pile up. Many graduates give in and move back in with their parents. They work low-income jobs and struggle to start repaying that debt.
With these bleak situations everywhere, some students feel too scared to go to college. But take heart, debt-laden college graduates. There is help for you. There are now federal grants that can help you get out of debt. They are a little difficult to get but you can apply to work with non profit companies that can help you get out of debt for free.
If you owe over $10,000 in debt, the government may award you a grant to pay that debt off. Our legislation realized that our staggering debt load is killing our economy. So they have passed laws to help the many Americans that are drowning in debt. Do your research and apply for one of these grants. You have nothing to lose, and may soon be debt free!
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