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However, the oversight can help you find trustworthy private companies.

The federal government does not directly support or manage any debt consolidation loans or programs.

Naturally, it makes sense to see if any government entities provide debt consolidation loans, relief programs, or offer forgiveness to distressed borrowers.

You will find that the government regulates these affairs more than it sponsors them – with notable exceptions.

Source The government does not approve private debt consolidation programs or companies.

However, the Department of Justice publishes a free state-by-state listing of approved credit counseling agencies.

As before, several agencies regulate the activities of private companies that provide settlement services. The government does not support hardship grants for debt relief directly to individuals.

Grants represent money that you do not have to pay back.However, government-sponsored enterprises (GSE) help certain consumers obtain home loans with longer repayment terms, lower interest rates, and smaller down payments.Homeowners with sufficient equity could refinance via a GSE to eliminate existing unsecured balances.However, each program works indirectly and affects only a small well-defined group – if at all.The Credit Card Debt Forgiveness (Relief) Act of 2010 is a work of fiction.However, the state Departments of Banking and Insurance plus the Consumer Financial Protection Bureau regulates the activity of lenders.

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