Saturday, December 15, 2012

How to Pay Your Debt When You Have No Job

Losing your job can be quite scary - especially when you have so much financial obligations. When you are saddled with debt and you find yourself without a steady income to even provide for your family, you lose all hope.

No matter how bleak the situation may be, you need to keep your wits together and find out how you can rectify the situation. As devastating as it may be at this moment, hope is not lost because there are ways for you to pay your debt even though you have no money.

Filing for bankruptcy may be the fastest course but depending on the amount of debt that you have, try to see if you can grow your income first. There are options apart from bankruptcy and knowing the severe effects of that on your credit score, it pays to consider the alternatives.

On top of your list is to find a new source of income. Even people who are physically incapacitated but still has a sharp mind and full use of their hands to type can actually get a job online. It takes a bit of patience and determination but there are ways to get money to pay off your debts.

We’ve mentioned one of them already - getting an online job. If you are a writer, then the path is clear for you - be a freelance writer. The millions of websites need a form of content and not all site owners can string two words coherently. At least, most of them need help at it. Another job that you can look into is photo trading. If you have a decent camera, take beautiful photos, upload them and sell the rights to use them. A graphic artist can do the same for their artwork creations.

You can also sell some of your stuff. Things that you have acquired over the years and you no longer need can be disposed of for profit. What you think is not needed may be someone else’s treasure.

If you lost your job, you need to rearrange your budget so you can live within lower means. Move to a smaller house or trade your fancy car for a cheaper one. Trade dates with a more economical walk in the park.

Of course, if you have no job to help pay your debt, you should inform your creditor. Let them know that you want to pay off what you owe but you have no income to support the payments anymore. They may force you to pay at first but if they find the sincerity in you, that can change their minds.

It pays to look into the different debt relief options like debt management, debt settlement, debt consolidation loans and bankruptcy to help with your credit obligations. Talk with a National Debt Relief expert. No obligations and the first consultation is free.

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