One of the worst things that could happen to a man is unemployment, particularly at this time when the economic conditions are very adverse. Nonetheless you have to pull yourself together and struggle to make it through the unemployment slump. Many consumers think that filing for bankruptcy will solve all of their problems, but this is not true at all. It will ruin your financial life more because it reduces the credit scores a lot. Do not let your debt case reach to a point where bankruptcy is the only option left and that can only happen when you will take action immediately.
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When you have lost your job, it does not mean that you can stop paying to your creditors because if you did so you will end up with massive credit which will be very difficult to recover. It will create a very bad impression on your credit reports and you will be unable to get good jobs because many interviewers check the credit history of their candidates to see if they are capable enough to handle high pressure situations.
There are a lot of methods through which you can get rid of your liabilities even in unemployment but you need to have a lot of courage and determination so that you succeed in your mission and live a peaceful life.
FILE FOR UNEMPLOYMENT:
The first step that you should do after you have lost your job is to contact your state's unemployment office and file for unemployment through phone or online. This will let you know if you are eligible or not for unemployment benefits.
USE EMERGENCY FUNDS:
You must have spent months building an emergency fund; this is the time when you can use it to pay off your debts. However, do not use it completely because you never know when it can be needed again.
CREATE A BUDGET:
As you income has reduced, you need to create a budget and stick to it with full willpower. Reduce your expenses in order to save more money which can be used to pay off the credit. At first it will be hard to control yourself from buying tempting things you see in the shops but gradually you will adjust with it. And this is just for temporary as soon as you will get a nice job you can buy those things once or twice in a month.
STOP CREATING MORE DEBT:
Do not ignore or increase your debt. Some debtors may think that taking out a personal loan will solve their problem but no it will only make your debt worse.
NEGOTIATING WITH THE LENDERS:
A part of your debt is made up to interest charges and late fees or penalties, if you negotiate with your lenders to waive off those extra charges so that you can easily pay and tell them that you are in your financial position is currently very adverse and if they did not reduce you might end up filing for bankruptcy. Then your creditors will consider your deal because they do not want their customers to file for insolvency as it also causes them huge losses.
So these are some of the ways which will definitely help you eliminate your credit even in unemployment.
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