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When to Seek Debt Relief



Debt consolidation

Feeling overwhelmed by student loan payments, credit card bills, or any other form of debt? Worry no more because there are things you can do to get your financial responsibilities under control. Known collectively as debt relief, these strategies can help alleviate your financial burdens by changing the terms and amount of debt you have. 

However, as much as they can rapidly help you get back on your feet, it is essential to note that it has both pros and cons. Thus, going through the different forms will help you understand which one works better with your debt situation and, most notably, when to seek debt relief.

What Is Debt Relief?

Debt relief refers to the strategies and measures taken to reduce debt with the primary purpose of making it easier for the debtor to repay. 

This can take several forms, for instance.

  • Lowering the interest rate on loans due
  • Partially or fully reducing the outstanding principal amount
  • Extending the term of the loan.
  • Debt settlement
  • Credit counseling
  • Debt management plans
  • Consolidating debt
  • Loan refinancing
  • Changes to credit card or loan repayment terms

You can also consider filing bankruptcy as a form of debt relief. However, it comes with significant credit score impacts. Hence, while it can happen in different forms, the end goal is the same as its purpose is to help people or debtors find a workable path towards debt elimination.

When to Seek Debt Relief

Debt relief is not for everyone, especially for people who continue to add debts on top of existing debts, are not committed to repaying debts and create more new debts. Therefore, before choosing a strategy, it’s important to ensure you first understand the situation it suits best. You may seek debt relief when:

  • You are struggling to afford your payments even though you are not yet behind on bills
  • You are already behind on credit card bills and other loan payments.
  • You have considered filing bankruptcy 
  • You have tried to manage your debt on your own but failed to make any progress

The options of filing bankruptcy, debt settlement, or debt management should only be considered when the following happens. 

  • Half of your gross income equals the total of your unpaid unsecured debts
  • Even after taking extreme measures to cut your expenditure, you still have no hope and means of repaying the unsecured debts within five years. 

Some of these unsecured debts include personal loans, credit cards, and medical bills. However, if you can potentially repay your unsecured debts within five years, you may want to consider a do-it-yourself repayment plan. For instance, a combination of debt consolidation, petitions to creditors and stringent budgeting. You can learn more about this at

Avoiding Bankruptcy

Furthermore, in many situations, debt relief may serve as the only way to avoid bankruptcy. Suppose a large debt appears problematic to service borrowings, for instance. In that case, creditors may be open to restructuring the debt and providing relief rather than risking the debtor defaulting his repayment obligations and, in the process, increasing overall credit risk. A good example of this is refinancing a mortgage to a lower interest rate.

Debt Consolidation

Debt consolidation and combining several high-interest loans into a single low-interest loan are other common forms of debt relief. There are many ways consumers can lump debts into one payment. For instance, consolidating all their credit card payments into a single credit card, which charges little or no interest at all during the introductory period, or utilizing an existing credit card’s balance transfer feature, especially one that offers a special promotion on the transaction.

Home Equity Lines of Credit

Another form of debt consolidation people seek is Home Equity Loans and HELOC (Home Equity Lines of Credit). The interest for this type of loan is usually deductible for taxpayers, especially those who enumerate their deductions. Also, the federal government offers several options for people interested in consolidating their student loans. Nonetheless, there are different rules related to declaring bankruptcy, all of which is dependent on your type of debt. Thus, if you consider filing for one, make inquiries from a qualified lawyer in your state who specializes in bankruptcy laws to advise you on what measures to take.

The Bottom Line

If debts are weighing you down, this approach can help ease your burden. However, it is crucial to understand when to seek debt relief, what you hope to get from it and how it can help make your life better. All these are critical when choosing the right solution.

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Mahesh is leading digital marketing initiatives at RecentlyHeard, a NewsFeed platform that covers news from all sectors. He develops, manages, and executes digital strategies to increase online visibility, better reach target audiences, and create engaging experience across channels. With 7+ years of experience, He is skilled in search engine optimization, content marketing, social media marketing, and advertising, and analytics.



Why Looking for Financing Alternatives is an Essential Part of a Business



Bank loans are still the number one option for businesses to get funding. However, it may prove difficult at times due to the prerequisite for obtaining the desired funds. This has made many companies look elsewhere to satisfy their financial needs. This article will explain why it’s better to seek financing alternatives when starting a business and for foreigners through ITIN loans.

Why is it Better to Obtain a Financing Alternative When Creating a Business?

Not everyone meets the requirements for obtaining loans the traditional way. But casting your nets on many glasses of water can fetch some results. If one option fails, the other can help you land the fund needed to run your business successfully. Before you opt for bank loans, you should consult other alternatives like:

  • Personal credits/loans. This includes your savings, insurance, mortgage, etc. These loans may require extra funding from other sources to fulfill your budget.
  • Family loans. Depending on the financial capacity of your family, this is one of the best ways to get initial capital for your startup. Your family may not need you to pay back; other times, they would. However, there are no strict prerequisites to obtain funding from your family.
  • Grants. The US government regularly offers assistance to businesses, especially during tough seasons like the covid19 pandemic. You do not return grants, but the process may become overwhelming if you apply late.
  • Crowdfunding. Another popular alternative of obtaining funding for your business. However, crowdfunding is popular among fintech startups and requires active community building and thought leadership participation.
  • Business credits. Business credits apply to businesses that want to scale or expand. In this case, you can compare the company’s credit capacity or savings and the budget at hand.
  • ITIN loans. ITIN loans are particular loans involving an Individual Taxpayer Identification Number (ITIN). Through this, foreigners can obtain funding for their businesses in the US.
  • A venture capitalist or angel investor. These people may want to control your business in the long run. The good side of getting loans from them is they become actively involved in your business and provide advice that would profit the company.

How to Differentiate a Legal Company to Apply for a Loan

There are many legal companies to apply for loans. You can find many offline, but most are employing innovative digital solutions and leveraging the internet to compete in the space. We have online loan companies that grant instant loans with lesser requirements in the parallel universe.

Legal companies to apply for loans include registered banks, small business administration (SBA) loans, registered online loan companies, etc. A legal lending company should have a reference number and seal indicating that the security and exchange commission (SEC) or other regulatory bodies oversee them.

Financing Option for Foreigners Through ITIN Loan

As a foreigner with no social security number (SSN) or credits yet, getting loans traditionally may be a problem. But there is a solution. Many lending now exists online to help you fund your ideas into a full-fledged career or business. In that case, you will need an ITIN. Getting an ITIN shouldn’t be a problem. You just need to adhere to the rules guiding the application according to the Internal Revenue Services (IRS) and fill out the W7 form on their official website.

You can apply for loans as a foreigner from companies that approve of using the ITIN. We call these loans ITIN loans. Applying for ITIN is simple, and in a few steps, you have your loan handy.

  • Register your company as a “doing business as” (DBA) company. The approval of your company as DBA varies from state to state. So ensure you’ve read the policies guiding doing business as a foreigner in the state you reside in or want to do business.
  • Open a business bank account. This should not be a problem. Just provide the KYC documents, and you’re good to go.
  • Locate a registered lending company online and apply using your ITIN.


Sometimes, you don’t need to look too far to get financing for your business. Now you’ve seen the alternatives to get what you need. Meanwhile, besides other financing alternatives listed above, ITIN loans are good options for foreigners looking to do business in the US. Interest rates apply to traditional loans with SSN. Ensure to read the terms and conditions of the lending company before using to avoid legal complications later.

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Is Government Debt Relief a Thing?



Historic Debt Is At The Core Of Our Economic Decline

When dealing with the burden of debt, it’s difficult to know where you can turn. There are so many options and companies out there claiming they can help you, but you never know who you can trust or what’s best for your financial situation. There’s even government debt relief, but is that really an option? Keep reading to find out more about government debt relief programs and if they are suitable for you. 

What is a Government Help Scheme? 

The good news is government debt relief is a thing, but it’s important to understand whether the type of debt you’re dealing with qualifies. While personal grants and assistance programs are available, there’s no program that’s going to make all your debt disappear with the push of a button. But what government debt relief programs are there?

Government debt relief programs are primarily targeted at those going through financial hardship through no fault of their own. While not everyone will qualify, it’s important to do your research to see if you are eligible. The government programs available can assist with some debts, but not all. Debt relief by the government can help with the following financial situations: 

  1. Debt Relief for Medical Hardship – Unfortunately there are no government debt relief programs for personal loans, but there are options out there for those dealing with medical hardship. Unfortunately, one of the biggest reasons people fall into debt in the United States is due to medical bills and illness. If you qualify for financial assistance, the government can help with this burden. Medicaid can help those on low income, with government agencies also existing that can help with prescription drug costs if needed. 
  2. Debt Relief for Student Loans – While many people across the United States have been promised the world once receiving a financial education, the only definite thing people receive after a college education are student loans unless they’re lucky enough to have college paid for! Student loans can prevent people from being able to own a home, save up for their dream car and more. The good news is that there is help available for federal student loans if you’re going through a financial hardship. Loan servicers can defer payments or even reduce your monthly payment to zero depending on your financial situation. 
  3. Bankruptcy – Bankruptcy is seen as a last resort for many people dealing with financial hardship and debt. People who go down the bankruptcy route receive a discharge which is a court order noting they don’t have to pay back certain debts. While this sounds too good to be true, it’s important to understand that bankruptcy can seriously impact your future. Bankruptcy stays on credit reports for 10 years, making it difficult to buy a home, rent a car or get credit. While 10 years doesn’t seem like a long amount of time, it’s a long time to deal with that type of situation. Despite all of this, it does offer people a much-needed fresh start if they have n where else to turn. 
  4. Protection Against Debt Collectors – When dealing with debt, when one of the most stressful elements are aggressive collectors going after you. The good news is that the government can help limit how far debt collectors can go. By law, debt collectors are not allowed to use abusive or threatening language and must instead act with integrity. If you find yourself being harassed by debt collectors using cruel tactics, it’s important to seek help as this is considered unlawful. 

Get Help Today

While the government can’t help with personal loans or credit card debt, government debt relief is a thing when it comes to financial hardships such as government student loans and medical debt. 

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How To Prepare Your Own Tax Returns & Save Money On Taxes: Aron Govil




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Preparing your own tax returns can be a daunting task, but it can also be a very rewarding experience. Not only will you save money on taxes, but you will also have a better understanding of how the tax system works.

  • The best way to save money on taxes is to take advantage of all the available tax deductions and credits. There are many different deductions and credits available, so make sure you research which ones apply to you.
  • Some of the most common deductions include mortgage interest, student loan interest, medical expenses, charitable contributions, and state and local taxes.
  • Credits are even more valuable than deductions because they provide a dollar-for-dollar reduction in your taxable income. Some of the most popular credits include child tax credit, childcare expenses credit, education credits, and earned income credit.
  • When your taxable income is reduced by these deductions and credits you are that much closer to qualifying for a lower tax bracket. The lower the tax bracket you fall into the fewer taxes you will have to pay.
  • If possible, try not to earn very much above the poverty level because it may reduce or eliminate your eligibility for deductions and credits. There are some caveats here though because there are many adjustable factors involved in this equation including filing status, age, blind or disabled status, being able to be claimed as a dependent on another person’s return, full-time student status during five months of the year etc…
  • So now let us look at how earning too much may not be as bad as it seems and there are ways to adjust. Earning too much can have a negative impact on your tax situation in that it may reduce or eliminate your eligibility for certain deductions and credits. This is often referred to as the “phase-out range.”
  • There are, however, ways to adjust your income so that you stay within the phase-out range. One way is to make contributions to retirement accounts such as 401(k) s and IRAs. These contributions will lower your taxable income, and as a result, keep you within the phase-out range.
  • Another way to adjust your income is by using a flexible spending account (FSA) for medical expenses. An FSA allows you to deduct your medical expenses from your taxable income, which will keep you within the phase-out range.

The bottom line is that preparing your own tax returns can save you a lot of money on taxes. If you take advantage of all the available deductions and credits, you can significantly reduce your taxable income. And if you stay within the phase-out range, you can keep more of your hard-earned money.

According to Aron Govil there are many different ways to save money on taxes, and the best way to find out how to save money on your specific tax situation is to consult with a tax professional. They will be able to help you find all the deductions and credits that apply to you, and they will also be able to guide you through the tax filing process.


1) Do all taxpayers have to file a federal income tax return?

Yes, unless you did not earn enough money nor had too much withholding. You may be able to avoid filing a tax return if the amount you earned is below your standard deduction and personal exemption amounts. For more information, please see IRS Publication 501.

2) How can I prepare my own taxes?

You can download forms from the IRS website and do it yourself by hand or electronically with a software program. Also, most tax preparation software programs will offer free editions for simple returns that only have the basic deductions and credits such as mortgage interest, property taxes paid etc… If you need additional help then seek out an Enrolled Agent who is an expert in taxation.

3) What does filing season mean?

These are the dates when you can file your tax return, either electronically or on paper. For individual taxpayers living in the US this will be between January and October 15th of that tax year.

4) How do I know if I qualify for free tax returns preparation?

To find out if you are eligible to have your taxes done for free go to and search “free e-file”. You should also visit to see if you qualify for free services based on your state of residence. If both these resources indicate that you are eligible then it is very likely that any paid preparer would charge a reduced fee because of the IRS Volunteer Income Tax Assistance (VITA) program.

5) How do I find a good tax preparer?

When looking for a tax preparer you should always check their references and reviews. You can also contact the Better Business Bureau (BBB) to see if any complaints have been filed against them. Also, ask your friends and family if they have used a good tax preparer in the past. Finally, don’t be afraid to ask questions about the tax preparer’s experience and qualifications.


The best way to save money on taxes is by taking advantage of all the available deductions and credits. If you stay within the phase-out range, you can keep more of your hard-earned money. There are many different ways to save money on taxes, and the best way to find out how to save money on your specific tax situation is to consult with a tax professional. They will be able to help you find all the deductions and credits that apply to you, and they will also able to guide you through the tax filing process.

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