Finding Money When You're Unemployed

Being unemployed sucks, as millions of Americans can currently attest. What sucks even worse is when you're unemployed, broke, and owe money! What are your options?

The obvious one, of course, is to get a job..but that's easier said than done in the current economy. You can have a garage sale, or sell stuff on eBay, but eventually your house will be empty. And nobody really wants that ugly sculpture that grandma left you anyway.

Fortunately, Congress has extended unemployment benefits frequently since the recession began, providing a much-needed safety net for millions of Americans. The normal benefit, which is based on your salary before you became unemployed, is available for up to 26 weeks; after that, extended unemployment kicks in (provided Congress keeps renewing it every time it expires). To qualify for unemployment benefits, you must be out of work through no fault of your own, be willing and physically able to work, and be actively looking for a job. Generally you'll be required to keep a record of contacts made to prove that you are, in fact, looking for work. If an appropriate job is offered, you must take it.

Of course, unemployment doesn't pay very much - it's intended to keep you afloat, not substitute for a real job. If you need emergency cash, there are loans available for unemployed people that generally do not need to be paid back until you find work. Keep a close eye on the interest rate, though, and be sure to calculate what interest rate any fees come to so you don't find yourself in even worse circumstances!