Advice for the Unemployed: Self-Reliance is the Most Valuable Commodity

In what’s likely to be seen as the latest in a series of negative developments for America’s long-term unemployed, the well of unemployment benefits seems to be drying out. Unemployment benefits have a cut-off stage depending on how long the recipient has gone without a job. And at this juncture, numerous Americans have been unemployed for such a long time that only 48 percent of them are still receiving unemployment benefits. This means that most out-of-work Americans now lack the financial security net that’s been helping them stay afloat for the recent past. This is unlikely to be welcome news, specifically at a time when there don’t seem to be many new employment opportunities being offered.

Congress has been in talks to increase the interval for getting joblessness benefits to 99 weeks in areas that happen to be bearing the heaviest unemployment load. However, a substantial percentage of people today have presently been jobless for longer, which implies that they won’t be affected anyway, and they still might not get joblessness benefits. This scenario implies that the unemployed may possibly quickly be placing a harsher strain on other public programs like food stamps. This could enhance the pressure on the nation’s presently strained financial reserves, for the reason that average length of joblessness for Americans is now 39 weeks.

Several jobless Americans who are seeing their unemployment benefits fade away may perhaps look at other options for obtaining money even though they’re on the search for their next career. One option for acquiring funds on short notice would be to take out a short term loan. The most well-known type of short term loan is alternately referred to as either a payday loan or “check advance” loan. These varieties of loans typically call for the borrower to have a regular paycheck, because the loan needs to be compensated when the borrower receives their following paycheck. That makes payday loans off limits for many unemployed individuals because they can’t expect a paycheck anytime soon.

For this reason, many people who will be struggling with monetary hardship may well contemplate taking out car title loans. Usually, the only prerequisite for getting a automobile title loan is a title for a auto worth $4,000 or more. These types of loans normally come with short term repayment periods, but they can take nearly three years to repay. This is why quite a few unemployed borrowers may select this kind of loan, since a comparatively long repayment interval can give them time to discover another source of employment. Hopefully, as signs seem to suggest that things are looking up for the overall economy, most individuals might be able to discover work before too long.