Loans For The Unemployed May Be A Solution - 1576 Words

Every week our national news media announce the latest unemployment figures and it is never good news. Every week the percentage grows and the speculation of future forecasts are always the same: unemployment is expected to continue to rise. Current economic times are extremely dismal for the working class; however, that has not caused the creditors of the ever-increasing unemployment rolls to turn a blind eye to their credit obligations. Payments are still expected on a timely basis and repercussions will ensue if the now unemployed borrower is unable to meet their obligation. What is a person to do? Loans for the unemployed may be a solution. Loans for the unemployed are unsecured loans that do not require a credit check. The provider does not require the borrower to have any type of collateral to qualify. The fees for this type of loan are higher than conventional bank loans. The terms of service for loans for the unemployed vary, depending on the borrower s need and ability. The y can range from one year up to 10 years for loan amounts from a low $500 to as much as $20,000. Unemployment status generally creates a new budgetary mindset that the individual never had before. New and better ways to utilize the money now available materialize, enabling them to do more with less. Over time these new practices become new habits that are carried over after the unemployment crisis has passed. Things that were once thought to be unbearable are now feasible and not as bad aShow MoreRelatedShould College Tuition Be Paid?1687 Words   |  7 Pagesable to actually pay for college. College tuition is high in price and increases every year, making it almost impossible for students to graduate without extreme debt. There are scholarships, financial aid, and loans to help out those who cannot afford to pay high tuition prices, but these loans are not desirable as they lead to this debt immediately after graduating. There is the help of financial aid, which is based off the parent’s income unless you are 23 and over, but financial aid can be difficultRead MoreStatistics : Statistical Concepts For Research1678 Words   |  7 Pagescan help in our everyday life. Let us beginning by discussing the tem statistics. â€Å"The term statistics, originated from the Latin word â€Å"status,† meaning â€Å"state.† (Johnson and Bhattacharyya, 2014). For many when the term statistics is mentioned, one may tend to think of numbers that compare how something was viewed by another set of persons or things compared to another set of persons or things. However, statistics is so much more than that. â€Å"Statistics help provide a solid basis for improving theRead MoreEssay on Generation Differences: Millennials in the Work Field1438 Words   |  6 Pagesmakes work ethic hard to define for millennials since even finding a job and paying for school has become difficult. Another problem is that older generations are judging millennials work ethic because it’s simply different from theirs. The best solution would be if work ethic could be redefined as not just the belief of hard work and its benefits, but the belief of being able to ha ve an equal balance between work and free time, or if millennials no longer cared about what other generations say.Read MoreEssay on The Decline of Auto Purchases in 20081421 Words   |  6 PagesIn 2008, an absolute indication of a recession was the decline in auto buying, insurance companies requiring assistance, retail stores closing with massive lay-offs stemming from these markets. As a result, these individuals now unemployed were unable to pay their monthly mortgage payments which resulted in home foreclosures. A foreclosure is legal proceeding that bars or extinguishes a mortgagor’s right of redeeming a mortgaged estate (â€Å"foreclosureâ€Å", n.d.). In New Jersey, the statewide foreclosureRead MoreHow to Solve the Foreclosure Crisis977 Words   |  4 Pageschoices. The number of unemployed and homeless is increasing at an alarming rate. Many feel like there is nothing that can be done to remedy the situation, especially when the enormous debt that the United St ates has already accumulated is considered. There is not just one simple step that can be taken to fix this serious problem, but there are a series of things that the government and financial agencies can do to help gradually improve the situation, including more selective loan dispersal, loweringRead MoreIt Takes an Entire Nation to Solve an Economic Crisis Essay example1229 Words   |  5 Pagesan Economic Crisis The foreclosure crisis is genuine and terrifying for what it could mean for America’s economic future. Home foreclosure may result from unemployment, excessive and unexpected medical costs and family problems. These issues are more chronic than they are acute and so it is impossible to say that there is a quick fix or a single solution to solving the foreclosure crisis. While some individuals want to wait out the crisis and let it fix itself, I believe that the current administrationRead MoreMaking College More Affordable For Students1000 Words   |  4 PagesJennifer Barksdale Professor Bonner HUM 101 May 8, 2016 Making College More Affordable For Students The continuous rising cost of higher education is frequently spoken about today and deserves much more attention then it receives. College tuition for students is a rather large investment and considered to be one of the most expensive to make. As college tuition prices are continuously increasing so is the cost of housing. The average American family is finding it more and more difficult to beRead MoreYouth Unemployment in Nigeria1200 Words   |  5 Pagesbillion and we have a nominal per capita income of $1, 4011. Nigeria also has the second largest economy in Africa. If I may ask, is this country not blessed? Yet, it is still plagued by youth unemployment which had been one of our major problems in recent years. Both government and the private sector had discussed this issue at forums and conferences but have not found a solution to it. Its continued existence had been linked to lack of power supply and financial empowerment for youths. Youth unemploymentRead MoreEssay on Explo ring Solutions to the Housing Crisis in America1202 Words   |  5 Pagesthis easy money was the obvious lack of responsible financial regulation. â€Å"Stated income† allowed anyone to easily commit fraud for a home loan, and banks weren’t worried about the money they lent since the loan was ultimately backed by the government. Sub-prime borrowers were given the opportunity to get mortgages, and no money down allowed people to get a home loan without really having â€Å"skin in the game.† Second mortgages were only icing on the cake and people figured that as long as house pricesRead MoreHow to Solve the Foreclosure Crisis1146 Words   |  5 Pagesforeclosure crisis is to provide assistance to mortgagees in making the monthly loan payments; this assistance should be in place before the first loan payment is due. One solution in providing assistance, which would not require any additional governmental funds to be spent, would be a mandatory mortgage equity accelerator program for every new loan written. A mortgage equity enhancement program allows a thirty year mortgage loan to be repaid in approximately twenty-five years. The total monthly payment