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1. NJ Unemployment Debt Help Risks With NJ Unemployment NJ Unemployment Loans
New Jersey
Unemployment
Advice
New Jersey Unemployment Advice: NJ Unemployment Debt Help
When debt becomes very big, people who are
unemployed land in a soup, where there are unable to
pay the debts. Its estimates that almost 43% of all New
Jersey residents have taken debts, which they find
difficult to repay back. In fact the majority of their debt
is credit card debt. It's fairly easy to get a credit card in
the US even with a bad credit report. However even
then, many unemployed people are unable to repay the
amount on their credit cards.
Its very simple for people to charge their credit cards for goods and services like
vacations, monthly groceries, clothes and furniture and a multitude of other
things during their period of unemployment in New Jersey. Many people pay
only the minimum balance required and roll over the amount to another month.
In this way, they are incurring charges, which they don't see. Interest charges on
credit cards can be quite steep. Thus this balloons into a huge debt. Other
debts include being late on mortgage payments, car loan payments, payday
loans etc.
Debt settlement is good alternative to bankruptcy for many unemployed
consumers struggling with high credit card debt. In most cases, consumers
will hire a professional debt settlement company to work with their creditors
to pay off their debt at a reduced amount. Fees often range from 15-25%of
the amount saved.
For most people, it is a good idea to hire a professional company. There are
several reasons when you're out of a job:
1 – The creditors usually take a professional more seriously
2 – These companies often have relationships with the creditors and will be
able to get you a better deal
3 – While the process is not difficult, it does take time, effort, and patience.
However, if you are ready to take on this task by yourself, here are a couple
of tips to help you through the New Jersey unemployment process:
• Realize that settling a debt is like negotiating anything – you need to give
something in order to get something.
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2. something in order to get something.
Thus when the debts gets too big, then one can use the services of a debt
settlement company or negotiator. There are innumerable debt settlement
agencies. You can even get a quote from them online. The basic aim of the debt • Just because you feel that you are offering a good deal, does not mean the
settlement agency is to lower the amount of the debt, reduce the interest person you are negotiating with thinks the same way. So, you may have to make
charges as well as reduce the tenure payments. They can also help in making several offers before your NJ unemployment insurance application is accepted.
the creditors stop the calls. Often when people are behind in their payments,
creditors will call them or visit them to intimidate them to pay up early. This kind
of harassment can also be stopped by the debt settlement agencies. Of course • Many people think that protecting their credit score is a key point – but the goal
they might charge a commission or a fees dependent upon the value of your NJ of debt settlement should be getting out of debt (why would the creditor give you
unemployment compensation. a discount AND good credit? You can certainly try, but don’t be surprised if this
part of the offer is not accepted).
Unemployed individuals can get the debt reduced to almost 75% of the amount.
However all cases are taken up on an individual basis. Therefore debt can be • In most cases you will need to pay in one lump sum, not payments (see the
settled at 50%, 75% or 60% etc. You need to negotiate with the debt settlement first point above). So you will need to have some money in reserve.
agencies before you employ them.
• If you are not already behind on your payments, you will need to stop paying to
gain leverage with your unemployment compensation. After all, why would the
creditors give you a discount if you are paying on time? Take this money and set
it aside for your settlement payment.
• Finally, be patient. Negotiations can take time. But the longer you can hold out,
you will get additional NJ unemployment benefits.
If this does not sound like something you can accomplish on your own, then you
should seriously consider hiring a professional debt settlement company.
Otherwise, get ready to roll up your sleeves, make a few phone calls (letters are
not as effective), begin negotiating.
And start making plans for using the money you save wisely, and avoid getting
into credit card debt during your period of unemployment.
#nj #unemployment
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