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Although some finding work, debt consolidation may help deal with old debt
By Oscar Monfort on Apr 30th, 2010
Having a job is arguably the most basic component for being able to stay out of debt, and a recent survey shows people may be having an easier time finding work.
According to the poll from employment website CareerBuilder.com, people who lost their job in the last three months were able to find work again at a better rate than at the end of last year.
"More than half of workers who were laid off in the first quarter have already found employment, primarily in full-time positions," said Brent Rasmussen, president of CareerBuilder North America.
Fifty-one percent of those surveyed said they were able to find work after being laid off, compared to the 44 percent who said so in November 2009. However, the poll did show that 60 percent of people who got a job did have to take a pay cut.
Having finally found a job may help consumers pay off the debt the accrued during the recession. Some people may have had to rely on credit cards to make day-to-day purchases like groceries.
Even having found a job, some borrowers may find they can't get out of debt. One option they may consider is debt consolidation, which can lower the amount of interest they end up paying.
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