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Managing Your Credit Card Debt When You Are Unemployed


When people go and apply for credit cards they do it in good faith, not thinking about the possibility that they could suddenly be thrust out onto the street standing in the unemployment line. However, the harsh reality of things today is that we live in a world that has an economy that is tough and unstable and losing your job is a possibility that may have not been so much so a few years ago. If you are afraid that you could lose your job sometime soon, it might be a good idea to prepare for that, if you are already unemployed, some of this advice could still help.

Probably the first thing anyone should do is to try and prepare ahead of time for unemployment. You can do that by saving money as well as trying to get rid of a lot of your credit card debt before you are hit with being unemployed. If it turns out that what you owe is far too much for you to pay off all at once then you might want to consider consolidating all of your credit cards bills into one using a free balance transfer credit card that has a lower interest rate. Remember though these offers are only introductory offers so it's probably a good idea that you try to pay all or at least most of the balance off before the offer expires. After you have done this, your best bet is to cut up all of your other credit cards so you won't be tempted to use them, especially if times get tough.

When you get more credit card offers in the mail you need to get rid of them. Best way to do this is to shred these offers up because they contain personal information usually and by shredding them you can prevent identity theft. Even thought the credit card commercials and mail ads look really good, in reality, you need to look at your personal debt before you get lured into any more credit card traps.

Make sure to get either a debit card, cash card or even a check card. Use these instead of using credit cards. You can use them just as easily as a credit card and they will stop your impulses to over spend when you realize the money is coming directly out of your checking account or savings account.

If you find that you are having serious credit card problems and it beginning to look like you are not going to be able to make your payments, it is vitally important that you get in touch with the credit card companies right away and don't wait around to do it. You need to talk to someone who can tell you if there are ways to freeze or at least reduce your interest rates or if you can have your payments lowered until you get back on your feet. Find any way in which you can lower your payments in order to be able to pay them. This is especially important if you are unemployed. The credit card companies need to know. Some may be very willing to work with you, while others may not, but you will never know unless you take time out to give them a call.





Comments
Antoine Surita commented on 05-Feb-2016 02:11 PM
hi great post

Gertrude Lampinen commented on 05-Feb-2016 02:18 PM
hi great post

sLyncbectk commented on 30-Jul-2016 07:09 PM
Thanks!


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