For those people who have suddenly found themselves staring at a mountain of debt that will never be repaid, given the rapidly deteriorating economic situation many are facing in this new economy, there are a few different ways to eliminate it.
The most traditional method involves reconfiguring debt in order to pay it down over time.
However, this can be a costly and time-consuming issue that may end up in failure just as easily as it can end up in success.
Another way to eliminate such debt is through the bankruptcy process, but new federal laws have made it more difficult in order to qualify for debt elimination through the courts.
Still, many people try this route above all else, which is unfortunate.
What most people don't realize, though, is that the federal government is seriously trying to give away a lot of money these days in order to prop up the economy that has put many people in a real hurt locker.
One way it's doing so is through the government grant mechanism.
These grants - which are gifts that never have to be repaid - might be a very elegant solution to a person's debt problem.
Remember, grants are not easily extended when a grant application is not filled out completely and thoroughly and a real need hasn't been demonstrated for the grant.
In this case, it means being able to show that the accumulated debt could not be repaid through more traditional means, for the most part.
If a grant is a possibility, make sure you study up on what it is before trying to apply for one.