What to Do When You’re Broke, Unemployed and in Debt
There are ways to minimize the financial damage caused by a period of unemployment, but you need to be proactive.
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Being unemployed and in debt is never easy. What can become too easy is avoiding or ignoring the situation at hand. But don’t fall into that hole because it will only make matters worse. Instead, you need to take steps to help minimize any financial fallout so that you can recover as quickly as possible once you secure new employment. There are a few ways you can ensure your finances can quickly see the light of day again.
Step 1: Apply for federal student loan deferment and CNC tax status
Government-issued debts often have built-in solutions for people who temporarily can’t afford to pay. They essentially offer ways to stop or avoid collection actions on things like federal student loans and IRS back taxes. This will help minimize the issues you’ll face with these types of debt.
Federal student loan deferment
Deferment allows you to temporarily stop the monthly payments on federal student loans without facing penalties. This will keep your loans out of default as you work to secure another job. If you have unsubsidized student loans, interest charges will https://badcreditloanshelp.net/payday-loans-mn/ continue to accrue during deferment, so your balances will be higher when you get back to making payments. However, if you have subsidized student loans, the government will pay those interest charges for you. Continuar leyendo: “What to Do When You’re Broke, Unemployed and in Debt” →
Publicado el 23/3/2022 Categoría Minnesota best payday loans.
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