At any point in time, millions of U.S. workers are unemployed. But that doesn’t mean you’re destined to add to your debt burden. As you adjust to your new economic reality, you can add paying off your debt to the list for a fresh start.
Being laid off is stressful, and looming debt can only exasperate the situation. So, what do you do when your paycheck has stopped while the bills keep coming in? If you’re struggling to make ends meet, you’re not alone. The average savings in the nation is just $3,240 for Americans under 35 and $6,400 for those ages 55-64, according to the Federal Reserve’s Board Survey of Consumer Finances.
Don’t despair! There are many strategies to continue paying your bills and cover your debt. This guide will take you through the options that can help protect your finances while you’re unemployed. Don’t be surprised if it requires less sacrifice than you might think.