By: Dan CavalliSmall Business Expert

Economically speaking, times are tough. But there is a bright side. Never before have there been so many government programs designed to help you reduce your debt and lower your bills. Billions of government dollars are being spent to fund mortgage programs, consolidation loan programs, utility subsidies and more. What’s great about these programs is that you don’t have to have good credit to qualify. They are designed to help families that have been financially ruined by this economy.

Government programs are available to families regardless of credit. Interest rates are as low as 1%. A new mortgage could also help you consolidate bills or pay for much-needed home improvements.

If you’re struggling to make ends meet, debt reduction programs could be the answer. The following are ways that these new government programs can help you reduce your debt:*There are programs that can help you lower your mortgage payment. If your mortgage payment is too high due to an interest rate hike or a reduction in your income, you can lower your interest rate and payment with a new mortgage.

•Consolidation loans are a great way to consolidate your debt and reduce your monthly payments. Unfortunately, many people do not qualify due to a poor credit history. And most people in this economy have credit problems. This is why the government has funded consolidation programs for families that have nowhere else to turn to.

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* The government has also sunk millions of dollars into subsidy programs. These programs are local programs available through local community action offices. Subsidies help pay utilities such as heat, electricity and water. Some programs even help families pay their rent.

Most of the government programs available are accessed at the local level. If you want to refinance your home, you can speak directly to your mortgage company; they should have all of the information and forms that you need to apply for one of the new programs. If you wish to consolidate your debt, talk to local lenders to see what types of loans they have available.

Remember; always ask for government approved programs as these programs have the lowest interest rates and the best terms available. A lender may try to set you up with a loan with a higher interest rate instead of putting you through these special programs.There are also many programs designed to help people purchase a new home, go back to school or open a business. The goal of such programs is to help people grow financially during these difficult times and become self sufficient.

If you are currently renting, it is possible that you could purchase a home and lower your housing costs. If you’re in a dead-end job, you could go back to school and increase your income. In fact, there are many things that you can do to lower your monthly costs and increase your income in this economy. Once you improve your situation, you can use the money you save to reduce your debt.

Dan Cavalli’s noted by the “Financial Review” as one of Australia’s “Internet’s Untold Millionaires”. Get his famous introductory 20 FREE lessons eCourse about Making Money that over 179,000 people have studied and applied at:

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