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Unemployment drops, while those who relied on credit to get by could turn to debt management
By Angela Hawke on Jun 5th, 2010
Joblessness is an issue that may make it more difficult for some to pay off debt, while others could find they have to rely on credit cards to pay other bills.
However, the U.S. Bureau of Labor Statistics reported recently that the unemployment rate in the country declined in May, falling from 9.9 to 9.7 percent. Granted, a large portion of this drop was accounted for by the government hiring temporary workers for this year's census.
"While the temporary hiring of 411,000 Census workers accounts for most of the job growth in May, the private sector also contributed 41,000 jobs," Hilda Solis, secretary of labor, said.
However, there are still roughly 15 million unemployed people looking for work in the country. And while they search, items like groceries or rent still have to be paid for, which may led them to turning to credit card debt as way to survive.
If, after a period of unemployment, consumers find they can't handle the bills they've amassed, they may consider debt management. Through it, they may be able to negotiate a plan to pay off what they owe.
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