Unemployment rates drop in Garner, NC
Image Source: Flickr CC User Bytemarks
North Carolina unemployment numbers have posted for April, and there’s good news for Garner, NC and surrounding areas. Unemployment dropped by .1% and is now at 5.4%, only slightly higher than the US average of 5.0%.
Unemployment rates in Garner-Raleigh are still higher than this time last year, however, when the rate was 4.5%. While reports indicate that the job market in Garner has been active, jobs have been taken away as well as added. While April's results are promising, many people are still struggling to find work.
How to Deal with Your Bills after a Bout of Unemployment
Unemployment can be catastrophic for your finances, and the longer it lasts, the worse it can be. Payments from unemployment insurance may help but will not cover all of your expenses. A nest egg can help too, but far too many Garner, North Carolina consumers don’t have substantial savings.
When you first lose your job, it's important to act immediately by cutting expenses as much as possible. You may hope that your time on the unemployment roster is minimal, but it's impossible to know how long it will be.
Consider taking these steps if you lose your job:
- Minimize extra expenses. Cut off the cable, eating out, and gift-giving.
- Eliminate entertainment costs. No more movies or game rentals.
- Kill all your vices, whether drinking, smoking, or lottery tickets.
- Look for ways to raise money. Can you rent out a spare room, or put your car on Relay Rides?
- Turn in a leased vehicle if you have more than one car.
Apply for Unemployment Benefits ASAP
Many hard working Garner, NC consumers are hesitant to file for unemployment after a job loss because they feel like they're cheating the system. But it’s there for a reason, and your wages helped pay to set up the system, so not tapping it when needed is a mistake.
Your knee-jerk reaction may be to run out and get any job you can to help pay the bills, but this may not be the best strategy depending on how much you were earning, how much your bills are, and whether you will lose your unemployment benefits if you take a part-time job.
If a new job prospect only pays as much as unemployment would, you may want to hold tight for the 13 weeks you can get unemployment payouts as you look for a job that will fully cover your expenses. If you have no prospects as the end of the 13 weeks approaches, then is the time to look for any job you can get.
Consider Bankruptcy in the Aftermath of Long-Term Unemployment
Unemployment that lasts six months to a year or more can be financially devastating. After unemployment benefits run out (after just three months by law in North Carolina), consumers often max out their credit cards, skip paying bills, and fall behind on mortgage and car payments. Things can get so dire that even once you find a job, you may find yourself so deep in debt that digging out seems impossible.
Bankruptcy can help you get out of debt, although it's often best to file after you've gotten a new job, as this will help you enjoy a fresh start.
Filing bankruptcy as soon as you get a new job is often the most strategic approach since your last six months of average income are considered in determining whether you can file for Chapter 7 which offers the most sweeping debt relief. If you wait a few months into your new job, you may not qualify.
To find out more about Garner, North Carolina bankruptcy solutions, call +1-919-646-2654 to reach the Law Offices of John T Orcutt. Contact us now for a free no-obligation, North Carolina bankruptcy consultation at one of our locations in Raleigh, Durham, Fayetteville, Wilson, Greensboro, Garner or Wilmington.