According to the Bureau of Labor Statistics, as of February, 12.5 million people are unemployed in the United States, which the unemployment rate is up to about 11 percent. It has been no secret that the economy is in a recession and people are hurting all over the country and in every business sector.
If you are one of the unfortunate victims of this economy and find yourself without a job, you may be wondering how in the world you’re going to provide for yourself, much less your family. Because, not only are people losing jobs, there aren’t enough jobs to go around. Sure, you may be collecting unemployment and, in certain states, laws have been created to extend these benefits, but that monthly check may not be enough for you to handle even basic living expenses.
If at any time during your unemployment you find yourself short on funds, you may have some extra cash sitting out in your driveway. No, you do not have to sell your car to get the cash; you can apply for cash car title loans. If you already own your vehicle and have a clear title, meaning you don’t have any outstanding loans against your car, you may qualify for some extra cash. Car title loans allow you to access the equity in your vehicle for emergency situations just like this.
Once you are approved and get the cash, car title loans allow you to spend the money on whatever you need. In the case of unemployment, you might need help making the mortgage payment this month or just getting the utility bills paid. Whatever bills, the small unemployment checks are not covering, a car title loan can help cover.
Some lenders offer lower competitive rates and allow you can take out a larger amount than their competition allow, so be sure to research all of your potential lenders before you apply. The lender determines the current value of the car and, based on your application and credit report, it loans a percentage of this value. Some states have a minimum amount so verify this when you apply.
By giving you emergency cash, car title loans can help you protect your credit in tight times. If you fail to pay your bills, be it credit card, mortgage or utilities, it gets reported to the credit bureau. Bad credit can keep you from getting a job, buying a house or renting an apartment.
Just make sure that you fully understand the terms and conditions of the loans and that you will be able to pay the required minimum monthly payment on the loan. So only take what you can afford to pay back. Since the current value of the car is used as collateral for this type of loan, if you fail to make payments, the lender has the right to repossess the car and sell if to recoup their loss. You cannot afford to loose your car; you will need it to get to job interviews and to a job soon!
Posts Tagged ‘ Unemployment Rate ’
Feb
There are several options available to maximize the chance for children to be included in a health plan. Employer-provided plans routinely offer cover for family members and adding children to private plans is relatively inexpensive. For those families with low incomes who cannot afford cover, there are federal and state funds available to pay for basic cover. But all these options disappear when the child becomes an adult. This is the magic time everyone used to look forward to. Finally, the law recognizes people are old enough to take responsibility for their own actions and removes the built-in protections. Except, of course, these new adults are either still in full-time education or joining the group with the highest unemployment rate in the country.
For young adults going through college and university, this is the time when debts are really starting to mount up. Tuition fees and living costs take years to pay off. Adding in the cost of a health plan is often the straw that breaks the camel’s back. Even though all the better colleges and universities offer good value group insurance, this is one additional cost too many. Younger people take the rational view. They have good heath and statistics on their side – the statistics show the vast majority of people enjoy good health during the prime of their lives. The main risks come from accidental injuries with many hit with big bills following traffic accidents. So most young people put off the decision on buying into a health plan and hope their parents will solve the problem for them.
This calculation may be about to change. The insurance industry applies a simple formula to set premium rates. It guesses how much it is going to pay out over the next twelve months, adds its operating costs and a profit margin, and then divides this total among all the people holding a policy, i.e. everyone in the group pays a more-or-less equal share. Because millions of young adults opt out, the cost of medical treatment falls unevenly on older people and those with existing medical conditions. The premium rates for everyone would fall if the cost of the nation’s medical bills was divided between all adults. That’s why the legislation working its way through the House and Congress includes proposals to make holding an insurance policy mandatory or to fine people who do not have a health plan. This is a form of single payer program because it matches the idea that all the employed should contribute a percentage of their earnings toward universal health coverage.
Health insurance is the big political hot potato right now. But, if medical costs are to be controlled and everyone is to pay only a fair amount for insurance, some changes will have to be made. Mandating insurance for the young is not a bad way of paying for universal coverage. As it stands, health insurance companies routinely refuse cover for people with pre-existing health problems. Allowing a redistribution of the additional costs of treating these people among the fit and healthy is the fair option. Whether the politicians will think so is another matter. The Republicans believe this infringes basic liberty. The Democrats are not united. It’s going to be interesting to see who wins the argument.
The easiest thing to say in the world right now is that some US states are suffering more than others in the recession. The national media rightly focus on the headline figures showing the total numbers of unemployed, the foreclosure rate, and so on. This can be somewhat deceiving because it hides the fact that some states are actually turning in statistics very different from the national average. In Michigan, for example, the unemployment rate stands at 15.3%. The government estimates that, by the end of 2009, some 310,000 jobs will have disappeared with no sign of any consistent move for businesses to begin rehiring. That’s why Michigan has sponsored a tax rebate for small businesses – the majority having been unprofitable for the last year – and is extending a tax credit to home buyers to help meet their mortgage obligations – Michigan is ranked 8th in the national foreclosure rank. Not surprisingly, Michigan is facing a budget deficit right now and, with the cost of the tax rebate and credits extending into 2010, the deficit can only grow worse.
So if a state has taken on major new commitments at a time when its tax revenues are falling, it is interesting to see it also championing new provisions that might help families struggling to make ends meet at the expense of the profits of the insurance industry. This is carrying the idea of redistribution somewhat further than Barack Obama intended during his presidential campaign. He was only talking about using taxes on rich individuals to reduce the wealth gap. This is more bold. Going back to the beginning, everyone with a vehicle on the road will tell you their insurance premiums have been rising during the recession. The Consumer Price Index may have been falling, but many now see the cost of insurance as one of the biggest headaches when it comes to the family budget. So, this November sees the state election panel accepting a ballot proposal for 2010 to cut car insurance rates by a flat 20% and to protect the consumer against a range of unfair practices. If the backers can collect 300,000 signatures, the proposal will appear on the ballot next year. Should a sufficient number of voter support the proposal, the law would be changed. In theory, it will stimulate competition between the insurance companies licensed to sell policies into Michigan and advance the interests of consumers by encouraging affordable policies for everyone.
Needless to say, the insurance industry is shocked and awed by this proposal, insisting such a change in the law would force them out of business. To many experts, this claim seems somewhat exaggerated. The insurance industry declared hundreds of millions of dollars in profit during 2008 and paid good dividends to their stockholders. Just one company, State Farm, declared profits of $5 billion. So the notion they would all become insolvent overnight is less than convincing. Voters in Michigan will say whether this change is the law is desirable. If the vote is affirmative, the legislature will move to cut industry profits. One indicator to watch will be the car insurance quotes. If these keep on rising leading up to the vote, the people may be encouraged to promote their own interests. But if the industry moderates its pricing policies up to the vote. . . Well, let’s just say the politics will be interesting.