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What can I do to stem my debt after losing my job?

The loss of a job can bring a variety of challenges and stresses. Of course, your primary concern is getting back into the workforce as soon as possible. But in the meanwhile, you will likely need to take some proactive steps to minimize your debt until things turn around for you.

For example, one of the first things you can do is fully assess your finances. You can look closely at all of your expenses and begin to trim those which are not necessities. In other cases, you can reduce costs of certain services, such as your cell phone, by switching to a cheaper plan. While on their own, each individual cut may not seem like much, but taken all together you could see some meaningful savings.

Also, don't be afraid to take advantage of the unemployment benefits to which you are entitled. But be sure you get in touch with the unemployment office as soon as possible because it takes time to get your claim processed.

These are just a few ideas that can help you stave off debt as you search for that new job. However, if you were already carrying debt prior to becoming unemployed, it is very easy to fall into true financial hardship.

In a best-case scenario, you will be able to ride out the storm and start to chop down your debt when you are once again employed. However, if the amount you owe your creditors becomes insurmountable, you may want to contact an experienced bankruptcy attorney who can help you develop an effective debt relief program so you can get a fresh financial start.

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