Digging out of debt while unemployed

When residents in Tennessee have lost their jobs and are still struggling with debt, the future can look bleak. However, even though it may be difficult, it  possible to dig out of debt without having a job.

Two Cents has a number of steps that can be taken to continue paying off debt even if a person is currently unemployed. One such tip includes adjusting debt payments. This can be done by readjusting any debt payment plans that are already in effect, switching them to suit a new income or financial situation instead. A person can also see if they qualify for unemployment, which can help keep finances steady until a new job is secured.

WiseBread, meanwhile, tells the story of a couple that dug themselves out of $147,000 in debt while facing unemployment. They stress that moderation is key, and that one does not have to “live like a monk” in order to pay back the money they owe on their debts. Instead, spreading out payments over a long period of time and keeping the momentum up as the years pass is the key, according to them. They also encourage relying on cash instead of credit cards, due to the fact that cards often trick people into spending money they simply don’t have. This can pile more debts on top of what a person already has, effectively burying them.

Anyone who is dealing with the stress of trying to pay off debts without a steady source of income understands how difficult this period of time will be. However, it is still an issue that can be handled through proper planning and budgeting.

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