A Scam to Avoid in Personal Debt Consolidation

In recent years, there have been several scams evolve around personal debt consolidation involving free government grant money. Most of these ads claim that trillions of dollars are available to help people pay off their personal debt consolidation loans to student loans. Just about anything you can think of. Does this sound too good to be true? Well, guess what - it is.

No, the government is not just giving away all this money to help people pay off their personal debt consolidation loans and whatever they want. Grants are typically only provided to people who are going to use the money to do something good and useful for the economy. Granted, paying off your personal debt consolidation loans probably would be doing something good for the economy, but that situation does not typically qualify for a government grant. Another good sign that an advertisement is a scam is when you have to pay money to make money; this is a typical sign of a scam.

Most of these offers on television are just scams - plain and simple. They are only interested in helping the economy or the country in some form. If you are interested in bringing water to some remote town in the desert, then you may find an organization that is willing to bestow a grant upon you, but they are going to want to see the results of their money. If they find out that you used their grant to pay off your personal debt consolidation loan, they are not going to be very happy and will most likely sue you for misrepresentation and a breach of contract for the grant money.

Another clue to give that these ads give you that they are a scam is the fact that they say the grant money is “free.” If it was real grant money, then of course it's free. That is the whole purpose of a grant, to give you free money to do something good with. Grants are bestowed to people that intend on using the money for a good cause for humanity, not a good cause for your personal credit and debt relief.

If you see one of these advertisements for grants that are for money to pay off your personal debt consolidation loans, you should contact the Better Business Bureau. The Better Business Bureau usually knows of any scams that are going on and will be able to let you know if the advertisements are scams or not.

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