The Unemployed Dealing In Debt

: Chris Lee Law Firm

  Filed under: Money Management

The job market is quite stingy in today’s economy and many people have been laid off as a result. Unexpected unemployment is one of the worst financial situations a person or family can deal with. As bills begin to pile up, most people don’t have an adequate savings to sustain them for long. However, there are a few things you can to do avoid missing payments and damaging your credit.

Staying Afloat

The most obvious solution is to find employment, which can be easier said than done. Rather than continue to fight a fruitless job market in your preferred or experienced area of expertise, consider alternative employment. In other words, look for a job in a field you may not have previously considered, like retail, sales or support staff. You may have to compromise your standards and take a job beneath your abilities. While this isn’t always the choice solution, income is income and having a continual employment record will work in your favor when something does open up in your line of work.

Many people are afraid to ask for help, but there is no shame in doing what is right for your family. If you haven’t filed for unemployment yet, do so. Even if you don’t qualify you may be able to obtain other additional resources from the unemployment office to help you find work, or obtain financial help from the state. Similarly, consider applying for medical insurance assistance in your area. This can help reduce the cost of health insurance premiums, while also keeping you insured. Find your local food shelter and use their resources to reduce the cost of feeding your family.

Don’t forget about your debt obligations. Contact your creditors to explain your employment situation. Many creditors are willing to offer temporary forbearance agreements to suspend your payments for a period of time. If you cannot negotiate a deal with creditors, consult with a Fort Worth bankruptcy lawyer about your options to resolve debts while you look for employment.

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