6 Ways to Find Financial Help if You Lose Your Job

Resources for the Unemployed

Losing your job can be stressful and frightening, even if you were expecting it to happen. Being without work for even a short length of time when already in debt can have devastating effects on your financial situation. Fortunately, resources are out there to help you through this difficult time and help you get back on your feet.

Unemployment Benefits

If you find yourself unemployed through no fault of your own, you can receive unemployment insurance payments, commonly known as unemployment benefits. Each state has its own rules when it comes to unemployment benefits. In general, they will be a percentage of your average earnings over one year. Contact your state’s Department of Labor to find out if you qualify.

COBRA

If you had health insurance through your job, the COBRA program may allow you and your dependents to temporarily retain your coverage while you are without work. Maintaining health insurance is vital to your family’s well-being and ensuring you don’t end up with medical debt you cannot afford. However, COBRA does come at a cost, and you will now be responsible for the portion of the insurance your employer used to cover. This can put it out of reach for some families. You will need to crunch some numbers to see if COBRA makes sense for you.

Temporary Assistance for Needy Families

While the term “welfare” means different things to different people, the program actually has a much less polarizing name. TANF, or Temporary Assistance for Needy Families, is all about helping families move forward during times of financial hardship. Like many government programs, TANF is run by each individual state and the name of the program will vary. In addition to financial assistance, the program promotes job preparation and provides work resources.

Disaster Unemployment Assistance

If by chance you find yourself out of work due to a major disaster, you may qualify for Disaster Unemployment Assistance. Again, this is handled by the state, so check with you state unemployment agency for information.

Recovering from Job Loss

There are many resources available for the unemployed, and the benefits of debt consolidation should not be overlooked. Once you lose your job, the entire structure of your finances must be reconsidered. It will be more important than ever that your bills get paid on time, so you do not fall behind and find yourself struggling to catch up.

CreditGUARD Debt Help

While CreditGUARD cannot accept new clients who are currently unemployed, there are other resources which may be helpful. However, once you’re employed again, we can help you with our debt management programs.

Call 2-1-1

Most people know to call 911 in an emergency, but did you know there is also a number to call if you suddenly find yourself facing financial difficulty or in need of community services? Your local 211 will give you access to much needed information, such as food pantries and utility assistance, as well as employment support. This includes job training and even transportation assistance.

In the meantime, you can still speak to one of CreditGUARD’s certified credit counselors and work on your budget and your plan.

We can also speak to you about the benefits of joining our debt management plan once you’re back on your feet and employed. This option is much safer and healthier than taking out a loan or getting a balance transfer to consolidate your debts.

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