There is hardly a more pressing topic than financial uncertainty. Even when the picture is clear, it is easy to become lost in the sea of debt. Although Nashville has recently seen improvements in its unemployment rates, countless Tennesseans still struggle to make ends meet.
Most could agree that unemployment and credit card debt are no thrilling combination. Some have even dealt with money issues for years on end. Although each financial plan may differ depending on the predicament, there are number of ways consumers can overcome these obstacles — which, if unaddressed, can ultimately get in the way of one’s routine and overall quality of life.
NerdWallet is just one of many financial resources that urges readers in tight credit situations to communicate with creditors. While this may seem a daunting task on its own, NerdWallet continues by stating that creditors can often work with unemployed consumers to lower minimum payments. In some situations, they can even move a payment deadline or suspend payments altogether. It is also important to avoid expensive financing; refraining from charging more on credit cards can help consumers get out of a tight financial pickle.
In addition to communicating with creditors, Wise Bread warns unemployed consumers about fast solutions to credit card debt. They may be tempting, but cash advances and payday loans can come with a costly credit price. Instead, Wise Bread encourages readers to get creative: how can a few small tasks bring in an extra few hundred dollars a month? By strategizing ways to increase cash flow, consumers can get to work on improving their credit outlook. There are other options to look toward when in a financial dilemma, but at the end of the day, a well-devised plan can come with lasting changes.