For potential home buyers wondering if they can afford to own a home, help is on the way. The Wisconsin Housing and Economic Development Authority recently approved a mortgage tax credit that can help potential homeowners to eliminate debt. For Appleton consumes that do not qualify for the program, there are other forms of debt relief available.

The WHEDA is currently offering Tax Advantage, which is a mortgage tax credit program. Under the program, qualifying home buyers would get up to a $2,000 tax credit. This tax credit can potentially help homebuyers to eliminate their debt with the money saved. In order to qualify for the program, homebuyers must reside in the home and work on reducing the original debt by paying their mortgage. The tax credit is available to qualifying home buyers that close on or after April 4.

For consumers that do not qualify for the mortgage tax credit described above, help is still available to eliminate debt. Bankruptcy may be an option for those that can see no way out of their financial challenges and are unable to pay their bills. However, for those who have the means to pay and are simply seeking ways to eliminate their debt, there are tried and true strategies that can help. One strategy is to develop a budget, stick to it and use the extra money saved to pay down debts. Another strategy is to contact the creditors to negotiate a lower interest rate. Debt consolidation is also a viable option as well as a debt management plan through a credit counseling agency. Whatever strategy consumers choose, a consistent commitment to the plan is necessary to eliminate debt.

Appleton consumers who desire to eliminate debt should explore the different options available to determine which option is right for them. It is important to understand the different options and how they apply to each person’s unique circumstances.

Source: Post Crescent, “State offers mortgage program,” April 9, 2013