How can you define the relationship between credit card debt and unemployment? One can say that if you don't have a job, your dues will rise up to uncontrollable limits. Thus, one can say that credit card debt and unemployment move together. If you are without a job for a long time, a time will come when you will be left with nothing. This is when you would be approaching bankruptcy. When you lose your finances, you lose your reputation as well. If you cannot pay your original installments, you can consider some relief solutions to prevent bankruptcy.
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1. Solutions to tackle credit card debt and unemployment
Do you know that bankruptcy is one of the solutions to handle unpaid liabilities? However, it is more of a problem than a solution. The only plus point which is it offers is liability exemption. You should look at less damaging ways to deal with your creditors. Some of the more practical techniques are given below.
· Reduction of payables
· Consolidation of payables
· Flexible payment terms through an internal agreement with the creditor
Let's look at each of the options.
2. Reduction of payables
Now you can legally reduce your dues by fifty percent or even more. A reduction of fifty percent is nothing extraordinary. In the United States, some card holders have even reduced their dues by seventy to eighty percent. This leaves you with almost nothing to pay. Let's look at an example. Getting a reduction of seventy percent on ten thousand dollars will leave you with three thousand only. You will be given a time period to pay these dues. If your creditor is charging interest as well, you should make all your payments quickly. Credit card debt and unemployment are temporary issues.
3. Consolidation of liabilities
This is a very productive relief option. It is very compatible for loan takers with multiple liabilities. For instance, you may have taken a home loan along with a credit card. Try to consolidate these liabilities. Through liability consolidation, all your liabilities are added. For instance, if your credit card bill and loan amount are ten and twenty thousand dollars respectively, your total sum is thirty thousand dollars. In case of debt combination, you have to worry about one liability. You need to organized handle issues like credit card debt and unemployment. Another key alternative strategy available for dealing with unsecured payables is personal arbitration.
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