We are living in the “Great Recession”. The bad news is that we continue to set records for the unemployment rate being so high for so long. The good news is that if you are reading this you are still Surviving Long Term Unemployment. While it might seem endless and hopeless there are some things you can do to help last through the tough time. Right now the the law is 99 weeks that you can collect unemployment. That may change down the line but for now that is the limit.
First you need to adjust your budget to match your new income level. This means making sure your expenses aren’t more then your income (your income is now the amount of unemployment). This is when you start making the hard choices. Do you really need the paper delivered to your house everyday? Do you really need cable? Does you family really need two cars?
It is really going to get difficult when the 99 weeks run out. This is when you may want to consider personal loans for the unemployed. This can be a touch risky because are going to need to pay the money back and have no income. But when times get tight for you and your family you have to do what you have to do.
If you own a home with equity against your mortgage (secured homeowner loans) then you might want to consider a home equity loan. This again can be tricky because you are borrowing money when you have no income. However it is another option to help get you through the lean times.
The good news is that over the next couple years things are going to get better. You are going to find a job which will allow you to repay these loans. You’ll land on your feet and things will start to feel normal again. Now get back to work on those resumes! Good luck!