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Debt management may become difficult for millions of unemployed Americans
11/19/2009
Consumers continue to deal with credit card debt and other financial hardships, though some Americans are worse off than others.
That's especially true for the millions of people who are unemployed in the country. And it could get worse for these people, according to a recent report from the National Employment Law Project. The organization notes that 1 million people will become ineligible for unemployment benefits in January 2010.
The reason is that unemployment provisions in the American Recovery and Reinvestment Act are set to expire at the end of December. If they are not renewed, NELP stated that 3 million people will be without benefits by March.
Christine Owens, executive director NELP, said Congress needs to act now in order to prevent the situation.
"There is no time to waste to reauthorize the jobless benefits and health care subsidies that are now the lifeline for millions of jobless Americans hardest hit by the recession," Owens said.
The federal government did recently extend unemployment benefits by 14 weeks, and states with an unemployment rate above 8.5 percent were granted extensions of 20 weeks. The unemployment rate in the country sits at 10.2 percent as of October.
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