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Debt management may be an option after dealing with unemployment
12/16/2009
One of the major factors for stress of people trying to pay off debt may be the fact that they are having a hard time finding a job.
A recent survey from the New York Times and CBS News focused on people who are dealing with being unemployed. The poll found that 60 percent have had to tap into savings accounts in order to pay off debt, while 53 percent have had to borrow money from people they know in order to get by.
"More than half said they had cut back on both luxuries and necessities in their spending," the Times report stated.
The results of the survey show that respondents are also facing increasing pressure because of their unemployment, with 69 percent saying being jobless has directly increased the amount of stress they feel. For 48 percent of respondents, the stress has turned into more severe mental issues, such as depression or anxiety.
Even people who may find employment could still feel the effects of months of being jobless, which could include continued difficulties when trying to pay off debt. However, there are options for these people, including considering a debt management plan, which could help deal with paying off bills.
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