Financial Protection From the Effects of Unemployment

The bureau of labor and statistics shows that the average worker will be laid off 2.3 times in their career. That was before the economy had taken this sharp downturn. The average length of time spent unemployed is about 16.5 weeks. The national unemployment benefit check is reported to be $378 a week.

That's enough time to either drain your hard earned savings, or worse, if you don't have much savings, it's enough time to lose your home to foreclosure and ruin your hard earned credit rating. Keeping your savings, your home and your credit rating are very important, and it should not just be assumed that it can't happen to you.

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We all know that the economy will continue to get worse, before it can get better. It has taken years to get to where we are now, and will probably take years to recover from the condition we are in financially. There are a few things that we can do to help prepare for a job loss and unemployment.

The first would be to pay down or pay off any credit cards you may have. It will require tightening down on your budget for a while, but the payoff will be worth it, even if you don't have to face unemployment in the near future. This will also give you a little bit more of an emergency fund to use if you need it.

Another thing that you can do to get financially prepared for a job loss and unemployment would be to contact your lenders and see if they have a "skip a payment" program or option. Most lenders and creditors have some option to skip a payment, but you must be up to date on your payments at the time of the request. Don't wait till things are already late, or you will lose that benefit.

Something that is available to just about every employee, but is not that well know yet, is that there are unemployment protection plans that contain an unemployment insurance benefit. We have all seen the unemployment "insurances" that pay your loans for a few months if you loose your job, these are not what I'm talking about. Those plans are set up to protect one thing, the lenders. The type of plan that you need to become a part of, is one that will pay you a cash benefit to use as you need if you become unemployed. That way the money is there for you, when you need it most. The benefits can be used to pay for groceries, utility bill, or gas for your car.

These are just a few things that you can do to get financially prepared for your job loss and unemployment. Please take the time to pass this article and information along to anyone that you think may benefit from its information. They may thank you if they find themselves facing unemployment in the future.

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