How to Get Out of Debt with No Money and Bad Credit, Unsecured Debt Consolidation Loan Calculator, Paying Off Collection Accounts via Debt Consolidation, Government Debt Consolidation, Relief, & Forgiveness, Payday Loan Consolidation | Debt Relief vs Personal Loan, Behind on payments with one or more creditors, Establish a repayment budget and stick to it long-term, Pay off the smallest debt first (snowball method), Find a side job to boost earnings above subsistence levels, Cut all unnecessary expenses and live frugally, Take your unused clothing and items to a consignment shop. Learn about government programs to help pay bills and other expenses. However, consolidation loans do not reduce what you owe. Texas consumers have a new financial backstop to avoid electricity disconnection during the COVID-19 coronavirus quarantine. People in low-income households must worry daily about how the bills are going to get paid this month or even this week. The 2020 poverty guidelines were calculated by taking the 2018 Census Bureau’s poverty thresholds and using the Consumer Price Index to adjust for price changes between 2018 and 2019. Here are other suggestions that should be considered resources for low-income families to regain control of their finances: Two of the many challenges for low-income families are establishing a solid credit history and maintaining good credit when you do. U.S. OCC LIHTC — This page of the U.S Department of the Treasury’s Office of the Comptroller of the Currency site has information on low-income housing tax credit program plus links to various housing organizations. DMV.org – Low-Income Car Insurance — This page of the DMV.org site (not associated with the U.S. Department of Motor Vehicles) provides information about states that have government-sponsored car insurance for low-income families. FinAid — It provides information on educational loans, scholarships and military aid, as well as several dozen financial calculators, plus tips on choosing a college, options for online degrees, jobs and internships and more. Frugaling.org – My Low-Income Lifestyle — This article on the frugal living blog Frugaling.org offers a detailed account of how one person copes with living on a low income. Disability.gov – Financial Help — This is Disability.gov’s Guide to Financial Help for Low-Income Individuals and Families. On the other hand, student loan debt is the one area where the Department of Education does help individuals with little money coming in from employment. What percentage of your budget you allot for housing? Retrieved from, Tatham, M. (2019, July 24) Student Loan Debt Climbs to $1.4 Trillion in 2019. CAEL — This page of the CAEL (Council for Adult and Experiential Learning) site outlines initiatives for providing people of low-income or who are unemployed with job training and education. National Debt Relief is one of the largest and best-rated debt settlement companies in the country. FCC.gov Lifeline — The linked page on the FCC.gov site has info for affordable telephone service options for low-income subscribers under the Lifeline program. So, what is a low-income household? Equifax, one of the three major credit bureaus in the U.S., estimated in 2020 that there were 25 million consumers who were “credit invisible.” That means they have not used a credit card or taken out any loans that would tell lenders how good they were at paying things off. For food? A low interest rate credit card or a 0% balance-transfer is also a better way to consolidate higher interest rate debt. Read what's included in the Coronavirus Aid, Relief, and Economic Security (CARES) Act. 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