Debt Consolidation for the Unemployed

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Life is unpredictable, no matter how well we plan for it. Job loss can be traumatizing and upsetting because it unsettles your way of living and wreaks havoc on your finances. 

Almost 60% of workers in the United States live paycheck to paycheck and few have emergency funds. If these people lose their job, they immediately feel the shock. 

It is very easy for unemployed people to see their debts pile up if they don’t have an income to repay their loans and their credit cards. Besides large expenses such as mortgages, everyday expenses like food, gas, and utilities must be paid for, even if you are unemployed, and it feels practical to charge all these costs to your credit card.

Without a consistent source of income, credit card balances soon balloon, particularly if you only make the minimum monthly payment, and many people end up struggling to keep up with their bills. 

Unemployed people often feel particularly unsafe about their finances and find it difficult to cover their expenses without a consistent monthly income. If you are harassed by your lenders, face multiple debts, and are looking for ways to get out of your debt trap, a debt consolidation loan from Credit9 can be the best debt management option you have to help you out with your credit card debt.

What Is Debt Consolidation?

As a  debt relief option, debt consolidation is a way of paying off multiple debts by opening up a new loan and using the funds from that loan to pay off your existing debts.

It can be difficult to handle multiple payments and high-interest rates each month, and a debt consolidation loan can be the best way to pay off your creditors, balance your budget, and avoid future debt by optimizing your money management.

Debt is hard in general, but debt while being unemployed can be crushing. When you lose your job, you are at risk of losing more than just a steady income. If you have lost your job, have multiple debts, and are losing track of payments, you should reach out to Credit9 for assistance and apply for a debt consolidation loan. 

Unemployed people are often apprehensive about applying for a loan because they don’t have a steady income, but Credit9 can come up with the right debt management plan for you in most circumstances… especially if you have a co-signer for the loan. As long as you can meet the minimum payment required to pay off your debt, we can help you avoid bad credit issues, consolidate your debt, and negotiate with credit card companies on your behalf.

Our debt specialists at Credit9 will review your credit score, credit history, and overall financial situation and evaluate how you can gain access to a debt consolidation loan. If you are between jobs, a debt consolidation loan can give you the respite you require before you start your new professional life. 

Benefits of Debt Consolidation Loans

Better repayment terms with a consolidation loan

A debt consolidation loan solidifies your debt and makes it easier to pay it back. Single monthly payments with lower interest rates have a positive impact on your finances and are a step forward toward financial security.

Make the most of lower interest rates

Debt consolidation loans usually come with lower interest rates than credit cards. Credit cards often have high-interest rates just shy of 20%. All banks and credit companies charge an interest rate on the money they lend, but a debt consolidation loan carries a lower interest rate than other forms of debt—which means that you are asked to repay less money. 

One monthly payment makes things simpler

It can be challenging to juggle multiple payments to various loans, credit cards, and utility bills while you are busy finding new work. 

A debt consolidation loan makes life simpler. You only have to make a single monthly payment to one lender. The money you get from the loan is used to repay all your other debts and you are left with repaying that one lender. 

One single monthly payment is easier to remember and keep track of, and you are less likely to forget it or miss out on the payment schedule. 

Achieve a better credit score with time

Banks and financial institutions judge their customers based on their credit scores. If you have already missed out on debt repayment and credit card payments, your credit score may have already been negatively affected. 

Start paying your debt consolidation loan, and within a few months, your credit score and credit report can improve. This means your creditworthiness in the eyes of banks can soon improve. If in the future you wish to apply for a mortgage or a car loan, your credit score will be crucial in determining: if you qualify for a loan, how much of a credit risk you are in the eyes of a potential lender, and interest rate you will be asked to pay. 

Manage the repayment period

If the job market is promising and you have good leads for finding work quickly, you can negotiate a shorter repayment period for your consolidation loan. If you prefer to lessen the impact of debt payments on your income, you can choose a longer repayment period, in which case you will have to pay more in interest. 

Why Should I Apply for a Debt Consolidation Loan?

Consolidation loans from Credit9 can help you manage your debts in an organized fashion. You get a fixed interest rate throughout the repayment period and one single payment per month. While you are looking for a new job, it is good to know that your debts have been consolidated and you are taking care of your finances. 

What determines my consolidation loan?

A good credit score

A good credit score can get you a lower interest on your consolidation loan, which means you will pay less overall. 

If you used to have a good job and were paying all your credit cards and debts on time, your credit score should be high. 

Other sources of income

Being unemployed means you don’t have a steady income from your job. But Credit9 will ask you if you have other sources of income such as social security benefits, rental income, retirement benefits, or any other sort of income that can cushion the interest rate level and give you more favorable terms on your consolidation loan. 

A co-signer

If there is a co-signer with a good credit score, you can benefit from lower interest rates and better terms. A co-signer can be a spouse, family member, or even a trusted friend who trusts you to fulfill your obligations with regard to your consolidation loan. 

Credit9 for your debt consolidation loan 

If you qualify, you can trust Credit9 to give you a debt consolidation loan and help you through your unemployment. Unemployment can be unsettling. When matched with increasing debt, it can become overwhelming. 

Contact us today for free counseling and advice, and for more information on the debt relief services we are able to provide. 

Find out more about the debt relief programs available to help you through your financial hardship and take advantage of our company's great service and support by getting started today on the path to becoming free from debt and regaining control of your finances.

Call Credit9 or apply online for a consolidation loan!

Frequently Asked Questions