Learners Quest
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If you're unemployed and looking for work, then you might be feeling stressed about your finances. A lack of employment can put a hamper on your ability to repay debt and also to pay for necessities like housing, food, and transportation. You don't have to let debt take over your life. You just need a plan that will get you out of the hole. Here are a few tips on how you can free yourself from debt once again:
-Move back in with family or friends if possible: Living with another person could cut down costs significantly, especially if they have room for both parties in their home or apartment. This will allow you to save money on rent and utilities, and also allows you to buy only the necessities (and nothing more) without worrying about what you can't afford.
2. Stop applying for new credit: As soon as your unemployment kicks in, stop applying for new credit cards and loans. You don't need another card with a $500 credit limit when the one you have is maxed out already.
-Pay off the small debt first: If you have multiple loans and bills, it can be tempting to focus on larger debts like your car or mortgage first, but this isn't always a good idea because it might increase your stress if all you're doing is paying down debt without ever actually reducing the balance.
-Move back in with family or friends if possible: Living with another person could cut down costs significantly, especially if they have room for both parties in their home or apartment. This will allow you to save money on rent and utilities, and also allows you to buy only the necessities (and nothing more) without worrying about what you can't afford.
2. Stop applying for new credit: As soon as your unemployment kicks in, stop applying for new credit cards and loans. You don't need another card with a $500 credit limit when the one you have is maxed out already.
-Pay off the small debt first: If you have multiple loans and bills, it can be tempting to focus on larger debts like your car or mortgage first, but this isn't always a good idea because it might increase your stress if all you're doing is paying down debt without ever actually reducing the balance.
