Debt Problem Advice For CT Unemployed

Are you somebody who struggles each month to pay all of the bills? Are you on CT unemployment compensation? Are you looking for ways in which to reduce your level of debt? In this article I write about ways in which we can control and reduce our debts which I hope will prove beneficial to unemployed people who read it.

A few years ago, I found that I was not earning enough money each month to pay for all of the direct debits because of my CT unemployment situation, standing orders and loans that were being taken out of my bank account. This caused me many a sleepless night due to the increased stress and pressure that seemed to be placed on me. I had realised this too late and was already in quite a large amount of debt, stupid I know.

I have to say that in truth it was all my own fault. The company where I was working had been offering overtime for the last two years. I took them up on the chance to earn extra money but I soon took it for granted and saw it as part of my monthly wages. There was it seemed no reason as to why the company would stop this opportunity to work overtime. But stop it they did and my monthly earnings returned to what they had been when collecting CT unemployment. I didn't think this would be a problem however as I had coped alright before. When checking my bank statement a few months later, I realised however that it was a problem.

It was time for a reality check. I needed to sit down and work out all of the things that I spent money on each month. What could I go without etc? I had signed up to a number of new contracts since my earnings had increased via the overtime, such as cable television. I basically had a choice, I could try to earn some more money via working part time somewhere or I had to sacrifice some of the things that I was spending the money on.

I decided to do both with my CT unemployment insurance. The cable went as did many other things from the house, which I describe as luxuries. These things are great to have but only if you can afford them. My car which was my pride and joy also had to go. It was a great car but the insurance was sky high, for the time being a basic car would do. At the end of the day the aim is simply to get from A to B, therefore how good the car looks is not that important.

I also started to earn a second income by working part time for a market research company. I needed to think positive about the situation I was in and a friend of mine helped me to do this. He stated that however poor you may think that you are because of the CT unemployment rate, you are still richer than most people in this world.

What I have now decided to do, is to save money when I am doing well, such as when I have any overtime. This way, when the overtime is taken away, I will have a nice tidy sum in the bank to enjoy. I do not ever want to be in debt again.

#ct #unemployment

CT Unemployment Numbers Cause Rise in Interest Rates

For the past few years, interest rates have been quite low in Connecticut due to the unemployment figures, causing many people to borrow large amounts of money for a variety of different expenses. 

Now these interest rates are about to rise, and they will have a large effect on the personal finances of those who borrow on CT unemployment. How do these interest rates affect you? What can you do to prepare for rising interest rates? In this article I will answer both of these questions.

When Do Interest Rates Rise?

When the Federal Bank increases the interest rates, the cost of mortgages, loans, and credit cards are also increased. Because the average American household owes at least $10,000 in credit card debt, they will be heavily effected the rising interest rates. If you are having a difficult time making your payments every month or are only making the minimum payments, it can be very difficult to pay down the principle when the interest continues to increase. In a situation like this it could take many years to pay off a loan, especially when you are relying solely on your CT unemployment insurance for income.

Don’t Be Depressed About Your CT Unemployment Situation

Even worse, if the economy suffers a major depression similar to what occured in 1929, banks and loan companies may begin calling in debts in order reduce their losses. This means that the CT unemployed who borrowed will be forced to pay back everything they owe up front, and if they can't their homes, cars, or other valuables could be taken from them. While this may sound extreme, history has a way of repeating itself. It is important to make sure you do everything you can to protect yourself and reduce the amount of debt you owe.

Try To Pay Your Debt Early

One thing you will want to do is start paying more than just the minimum payments. As the interest rates continue to rise, making only the minimum payments will do nothing to reduce your debt. If you don't have enough money to make more than just the minimum payments, look for ways to cut back on your expenses so that you will have more money left over to pay on your loans. You will want to reduce your spending and set aside a CT unemployment benefits budget that will allow you to make larger payments towards the principle rather than just the interest.

Get On A lower Interest Rate

Don't listen to credit card companies that advertise credit cards at a fixed rate. By law, credit card companies have to give you a notice before increase the interest rate on the credit cards, and very few loans are exempt from the interest rates that are increased by the Federal Bank. It is best to transfer your balances from high interest credit cards to those that have a much lower interest rate. Look for companies that offer 0% interest rates for a set period of time. Home equity loans or lines of credit are tools that can also be used to consolidate and pay of your debts.

Consider A Cheaper Mortgage

If you have a mortgage that features an adjustable interest rate, consider switching to a fixed rate before interest rates begin to rise. This could keep you from getting into a situation where you could lose your home. If you are looking to buy a house, it is important to remember that the cost of houses will greatly increase once the interest rates start to rise with the dropping of unemployment in CT. This means you will want to find a house before this happens so that you will avoid paying inflated prices.

Lease Or Buy a Car When CT Unemployment Rates Drop

If you are thinking of a getting a car, it may be a good idea to buy used instead of leasing a car from a dealership. It doesn't make much sense to get a car loan at a time when interest rates are about to rise because of unemployment. Buying a used car has many advantages, but you will want to do your research to make sure you get a good deal.


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How To Resolve Debt With CT Unemployment Benefits

Thousands of unemployed people in CT continue to struggle with credit card debt, barely able to make the minimum payments. they watch their credit card balances grow each month—longer after they’ve snipped their plastic and sworn off making additional charges—because what they’re really paying for is the interest. They’re not making any dent into the principal (the actual amount charged for purchases), they’re just paying the credit card companies’ lending fees. Because of this, they can spend decades in debt with no hope of escape.

CT Unemployment Rate

Except for debt consolidation. Debt consolidation allows you to transfer your debts into a lending arrangement with lower interest rates and easier terms for your CT unemployment compensation. This means you are actually paying off your debt, rather than just keeping your creditor at bay. For many people, debt consolidation is the only venue for financial freedom.

However, when shopping around for a debt consolidation package, it’s important to look at the terms, and keep your calculator at hand. You want something that will help your financial, either by giving you easier terms (so that you don’t skip payments and end up shouldering surcharges and late fees) or pushing down your interest rates. And for you to truly see if that debt consolidation package works when dealing with unemployment, you have to look at annual percentage rate, or APR.

There are different types of APR, and when you talk to a debt consolidation company for the CT unemployed, ask them what kind of APR they will be charging, and how much. For example, will they have an introductory APR? Meaning, they will apply a certain rate for a particular and limited period of time, which will give you breathing room as you “catch up” with your debt through more generous interest rates. However, this is only effective if you can see yourself making large headway—either by making bigger payments—within the time period where the introductory APR is applied. Also ask about their balance transfer APR. Again, ask how long this CT unemployment rate stipulation will be applied, and what kind of interest rates you’ll be given once that period lapses.

You should also ask for a breakdown of balance transfer fees. Some debt consolidation companies waive these fees, as part of their promotion efforts, but you should look at the fine print on potential effects to your CT unemployment eligibility. They may be hiding these fees under higher interest rates. The best way to compare various packages is to compute the total amount you will be paying, some websites offer online calculators for easy computation.

CT Unemployment

Another advantage of debt consolidation is that it’s more convenient. Instead of paying several creditors—credit card, mortgage, salary loan—you make one payment to one company. This reduces the risk of you forgetting to pay, and cuts down on the hassle of issuing several CT unemployment checks on different due dates. It is also easier to negotiate for some leeway on the months that you can’t make a particular payment. Many people also find that debt consolidation simplifies the task of budgeting, and helps control the temptation to “skip” paying a particular bill. They set aside a particular amount each month, which is sent to one account.

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Agencies For Connecticut Unemployment Help

You have two options to consolidate and reduce your debt while collecting CT unemployment if you don’t own a home. First, you can use the services of a debt consolidation agency. They will negotiate lower interest rates and smaller payments. The other option is to take out a personal loan and pay off your debt. The best option depends on your financial situation with CT unemployment.

Debt Consolidation Agency For the Connecticut Unemployed

Debt consolidation agencies, also called credit counseling, offer many credit services. Their primary job is to help you pay your debt and bills by negotiating lower rates and payments with creditors. If you have bad credit or on the verge of bankruptcy, this service might be your best choice.

You aren’t charged any fees by these agencies since they are funded by financial companies. Financial companies don’t want to see you declare bankruptcy and not pay them back, so they are willing to set up alternative payment plans.

Connecticut Unemployment

Besides consolidating and reducing your debt, you can work with credit counselors to improve your credit. They can offer you advice on creating repayment plans, saving goals, and future financial strategies with CT unemployment benefits.

Personal Loans

You can also decide to use a personal loan for debt consolidation and reduction. With interest rates typically lower than credit card rates, you can reduce your payments by hundreds. One payment also makes it easier to pay than several small bills.

With an unsecured personal loan, you will need to have decent credit and steady income. Once you pay off your other debts, you can decide to leave those accounts open for emergencies or close them.

Before you pay off all your bills with a personal loan, make sure you have researched several lenders to find the lowest rate. Also be sure that you find a rate lower than what you are currently paying on your bills. Personal loans are usually prime plus 2% to 5% higher.

CT Unemployment Insurance

Explore Your Unemployment Options

Before committing to either option for debt and bill consolidation, research your choices. Request quotes from lenders to see if you can find a good rate on a personal loan, but also talk with debt consolidation agencies to see what CT unemployment insurance can do for you. Choose the option that can lower your rates the most given your credit history.

#ct #unemployment