Consumer Debt Relief Grants - They Don't Exist! - How To Find Legitimate Debt Relief Options

Online, April 27, 2010 (Newswire.com) - So have you heard about consumer debt relief grants? Despite what you've heard on T.V. or read online the fact is that consumer debt relief grants from the government do not exist. A recent investigation into the debt relief industry found that some companies were promoting debt relief grants from the government when they really didn't exist. Unfortunately the government only cares about handing out debt relief grants to large financial institutions so debt ridden consumers are constantly searching for legitimate debt relief options .

Because of the recession and massive amount of people currently in debt, there have been several options offered to consumers seeking debt relief. None of them have to do with the government handing out debt relief grants so consumers should understand where to locate legitimate debt relief.

Probably the closest thing to a consumer debt bailout is the process known as debt settlement. Debt settlement is where a consumer and a creditor come to an agreement where only a percentage of the debt is required to be paid back. Typically, a debt settlement can be settled for 40-60% of the original balance.

Debt settlement only makes financial sense for consumers who are struggling to pay their bills and have at least $10,000 in unsecured debt. Consumers must be able to prove a financial hardship such as a loss of employment or excessive medical bills to qualify for debt settlement. According to The Association Of Settlement Companies (TASC), the debt settlement industry was responsible for settling over $1 billion in unsecured debt in 2009 alone. This resulted in approximately $600 million in consumer debt being eliminated while collecting nearly $400 million for creditors.

Debt settlement is certainly not a consumer debt relief grant from the government and consumers need to understand that their credit will be negatively affected when they enroll in a debt settlement program . Most people that choose the debt settlement route do not have the best credit scores anyways because their debt to income ratio is too high. So if a consumer is okay in accepting a lower credit score to be able to eliminate 40-60% of their unsecured debt then debt settlement might be a wise option.

Consumers need to know where to find legitimate debt relief programs and avoid those services claiming to offer debt relief grants from the government. The easiest way to locate legitimate debt settlement companies that have been certified by TASC is to go through a debt relief network. These networks qualify the debt settlement companies based on performance and ethical standards. They will provide consumers free debt relief counseling and aid them in finding the best solution to their financial predicament. Debt relief networks are free to use and a good starting point for consumers looking for legitimate debt solutions.

To locate legitimate debt relief services through a top debt relief network check out the following link:

Free Debt Relief Help