How Debt Consolidation can help after getting your hours cut at work
<p data-sp-element=”content”>Despite the fact that many professional economists are claiming that we’re out of the recession, many people are noticing that jobs are hard to find. To make matters worse, many companies are cutting hours on the employees they already have. In some cases, this is an attempt to cut back on the labor budget without actually making any cuts to the work force.Unfortunately, cuts in your hours usually mean significant pay cuts, which means you’re going to have problems paying your bills. If you’re already living on a strict budget, it’s very likely that you won’t be able to make enough cuts without relying on your credit cards to get everything paid. Your rising credit card balance can cost you thousands of dollars in interest, and could be another bill that you really don’t have the money to pay.One solution for many people in this situation is to consolidate their debt with a debt consolidation loan. These loans are able to combine all of your credit cards and other debts into a single loan with a low interest rate. If you’re having trouble making the minimum payments on a couple of different credit cards, combining your loans together can save you hundreds of dollars a month.You’ll only have to make one payment on a debt consolidation loan, and unlike credit cards, the payment is always the same. That means you’ll know how much you have to pay towards your debt every month; you won’t have to guess about your minimum payment.Best of all, your monthly loan payment can be cut in half. That means you’ll save hundreds of dollars a month. In many cases, that more than makes up for the money you lost by having your hours cut. If your hours don’t go up soon, then you’ll be able to keep your debt payment low. If you’re able to get more hours or find another job, then you’ll be able to pay more every month and get out of debt even faster. Or, enjoy your low debt payment and use the money you save for something you really want.