More Unemployment Leads to More
Debt Consolidation
It is simply one more sign of the times and of the economy – the
number of debt consolidation loans has increased as the amount
of people unemployed has gone up. The problem is that more and
more people are facing financial issues and are looking for ways
of fixing it.
As companies are forced to lay people off to keep their doors
open, the job market is flooded with prospective employees. This
makes it very difficult to get a job as there are hundreds of
people all vying for the same positions. Being laid off and then
being able to get a job within a month or two is simply not the
situation anymore. Instead it is two, three, five, ten months, a
year – before you find employment.
But there are things that you can do to assist yourself in the
process. While you are out of work your bills keep piling up.
Obviously you want to pay the most important ones first –
electric, housing, food, etc. Credit card and medical bills will
have to wait if you don’t have the money to pay for everything.
Call your creditors and let them know that you have been laid
off. See if they will allow you to freeze your accounts – no new
fees, no interest, postponed payments.
In addition, if you are still able to make your bills you might
want to consider a debt consolidation. This will put all of your
credit cards, etc. into one monthly payment which will then free
up more money each month. You should then take the money that is
left over from paying the debt consolidation and start a savings
account. This account will help you live through the next few
months while you are waiting for a new job to come.
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