How to Manage Credit Card Debt if Lose Job
Certainty is uncertainty. Have a stable job Monthly income But one day, life changed. Must lose their jobs due to the bad economic conditions Many people must be invited to leave the job. Or someone looking for a new, stable job But while searching for a new job Found that he had incur credit card debt Then what to do now? Because of credit card debt, there is no holiday Daily interest The problem of credit card debt We mentioned often. But this article will talk about credit card debt that comes with being unemployed. And how to manage the debt
Found the question of how to lose unemployment, how to manage credit card debt You have to hold your temples first. Alone, just having a job, having a salary, earning money Sometimes money is not enough to pay the debt at all. But if unemployed while still having debt Having to hold the temples and then think about solutions
The convenience that we get from using a credit card to spend. The credit card also has a credit line that allows us to spend up to 1-2 times the monthly income as well. And credit cards also have a period of no interest for more than a month, everything together, contributing to the use of our credit cards is fun. A person with a credit card debt is someone who has not paid the full amount of their credit card by the time the payment is due on the invoice. Resulting in the outstanding debt on the credit card and having to start paying interest If the debt is not large and we hurry to make money to repay within a short time, such as repaying within the next installment, there should be no problem.
But the problem of credit card debt causing many people to worry is because the debt started a lot. Old debt is not used up, there is still not enough interest to continue to use credit cards to swipe spending continuously, debt gradually gradually compounded, until sometimes become the full amount of the credit card can not use the swipe card Can buy anything longer People who do not want to lose credit can do the best, just pay the minimum set by each card. To prevent the credit card debt becoming bad debt when not paid for 3 months
Now, when unemployment occurs for any reason. Company lay off The company voluntarily resigned The company closed because of economic poisoning or even fired. When there is no work, of course there is no income. Money that can work on a monthly basis must be missing. What about existing credit card debt? Just the cost of eating and using is worrying enough. Thinking and stressing instead of people who are in debt and really have to lose their jobs.
But only sitting worrying or stressed, would be of no use When life has a problem, must find a way to solve the problem. Take a look at the following suggestions on what can be used.
Find a new job
Of course, when unemployed, then have to find a new job The faster you find it, the best. Make the period that we are unemployed and without income as short as possible. If we do not owe, we may think that we would like to take some time off from work before finding a new job again. But this is our debt, so we cannot think of it absolutely. As time passes, the debt becomes more and more blooming. Hurry to find a job so you can make money faster to pay off all your debt. Life is free soon if you still can't find a new job that you can do as a regular job. Some people take months or years to find a new job. Try to look at other supplementary careers that we can do in order to have an income, such as making snacks, selling goods at flea markets, etc.
Use the compensation to pay for credit card debt.
If our unemployment We receive compensation from the company due to termination or voluntary retirement. After putting aside some money to cover the expenses during the period that we think to be able to find work, such as 3 months, then the remaining money will be used to pay for bad credit card debt. When debt decreases, interest is reduced. In the future, when looking for work, it will be easier and faster to manage debt. But this method is suitable for credit card debt that we think can still be managed Is not a big debt and thinks that once you have got a new job, you have income Will be able to pay all the debt
Sell existing assets to finance credit card debt.
When unemployed do not have the money to pay back the debt, they can't see where it can come from. Think about the property that is in the house. Which pieces are enough to sell to make money to repay the debt. Consider selling it first But assets that should be sold should not be assets that we can use to create future income for us. If it is a gold or diamond necklace Like this, we can choose to sell out so that we can use the money to repay the debt first In the future, if all the debt is spent Get a new job, have income, can gradually buy back again Better to hold these assets. But have to lose history because of credit card debt Future loans will be difficult to borrow.
Borrowing from relatives or friends to close the credit card debt.
If we are not sure that we can find a new job in a short time Think about borrowing relatives or friends. Change credit card debt to debt that we have to pay back to people we know instead. Which we must tell the story about our unemployment to him to get to know If there are relatives or friends who are sympathetic to help us. Considered to be very lucky for us After working, earning money, return the money to the full amount which we borrowed.
save
As soon as we know that they are unemployed and still have debt The most important thing is that we have to cut all unnecessary expenses. As for the expenses that need to be tried, see if there are any places that can be reduced or not. Where can be reduced, should reduce immediately This is necessary as it adapts our spending habits to suit our unemployment. Compensation from the company or savings that can be saved can be spent on longer work-hours. Thinking of other alternatives, such as borrowing friends or thinking to stop paying debts. By not thinking of changing their spending habits first Considered something that should not be done Any relatives or friends who would like us to borrow money, even though they see our superfluous living, not saving at all, right?
Stop using credit cards
When having a credit card debt and not sure if there will be a refund However should stop using that credit card first Should not create more debt
Negotiate for a compromise
If credit card debt is a huge debt, it seems to be a problem since before unemployment. In addition, when he became unemployed, it became even more of a big problem Because even the minimum is not paid, almost do not have to think that can handle this debt in the future. Like this, thinking that requesting a compromise negotiation with the bank will be the best way By calling to talk to the bank to tell the story and see how they can offer us alternatives But if the agreement cannot be reached, the bank refuses. We must immediately stop paying credit card debt. Because at this point if he had to lose his record, he would have to agree Wait until the bank has sued the court and then wait to reconcile at the court again or have to sue anything, depending on Shall be the subject of the court decision In the meantime, we don't have to pay debt, save, find a new job, save money, wait. When it comes time to pay in monetary terms, it's easier to finish the matter in court.
Life without debt is a noble life. If not necessary, do not create debt at all. Necessary is absolutely necessary. Not anything, it is absolutely necessary. Because life is uncertain With debt, it's not certain whether we will be able to pay back the debt for sure. In the case of unemployment like this, no one wants it to happen. But once that happens, we have to find a solution. However, if anyone has a problem, please be able to resolve the problem well.
Finally, debt management Should start with the decision to abandon something that does not generate income Then turned to manage his own life in financial discipline And focus on monthly payments The mistake of debt Let's be a lesson But the important thing is to not debt the problem Because of indifference to the debt that is generated Will make it more difficult to fix And ultimately, may be prosecuted This time should be a time to come back to start again and manage finances carefully.
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