Majority of Unemployed Americans No Longer Receive Benefits

BySarah J Waters

In what's likely to be seen as the latest in a string of disheartening developments for America's long-term unemployed, the well of unemployment benefits seems to be drying out for many Americans. Unemployment benefits have a cut-off point depending on how long the recipient has gone without having a job. And at this point, so many Americans have been unemployed long-term that only 48 percent of them are still receiving unemployment benefits. This means that most out-of-work Americans have lost the financial safety net that's been keeping them afloat for so many months. This is unlikely to be welcome news, especially in a time when there don't seem to be too many new jobs being offered.

Congress has been in talks to rise the period for receiving unemployment benefits to 99 weeks in states that are bearing the heaviest unemployment load. However, a substantial percentage of people have already been jobless for longer, which means that they won't be affected anyway, and they still may not get unemployment benefits. This situation means that the unemployed may soon be putting a harsher strain on other social programs like food stamps. This could increase the pressure on the nation's already strained cash reserves, since the average length of unemployment for Americans is now 39 weeks.

Many jobless Americans who are seeing their unemployment benefits away may consider other options for getting money together while they're on the search for their next job. One option for getting money on short notice is to take out a short term loan. The most popular type of short term is alternately referred to as either a payday loan or "check advance" loan. These types of loans typically require the borrower to have a job, since the loan needs to be paid back when the borrower receives their next paycheck. That makes payday loans off limits for most unemployed individuals since they can't expect a paycheck anytime soon.

For this reason, many people who are struggling with economic hardship may consider taking out car title loans. Typically, the only prerequisite for obtaining a car title loan is a title for a car worth $4,000 or more. These types of loan typically come with short term repayment periods, but they can take up to three years to repay. This is why many unemployed borrowers may choose this type of loan, since a relatively long repayment period can give them time to find another job. Hopefully, as signs seem to suggest that things are looking up for the economy, most people will be able to find work before too long.

Sarah Waters lives in Los Angeles and blogs about financial news and consumer tips. With over 15 years of experience in the loan industry, Sarah understands the ins and outs of money and budgeting. She writes to help consumers maximize their potential. Many of her articles can be found on http://tfciloan.com and http://acartitleloan.com

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News and Society: Economics
Sarah J Waters

Email Address:SubscribeEconomics Article FeedFind More ArticlesSearchSimilar ArticlesFinding a Job, Holding On, and Planning For the FutureReinstituting A Reformed Welfare-to-Work ProgramReducing Costs in This EconomyRecent ArticlesHow To Solve The Homeless SituationProgressivism Isn't Progress, VIIIHow Secure Is Your "Secure" Job?A True Comparison Of Increasing Debt Between Bush And Obama AdministrationsHow To Compete With ChinaWould Einstein Think Us Insane?What Will Happen If Greece Defaults?A Cluster of (Minor) ErrorsThe US Recovery Is Producing SurprisesA Sigh Of Relief For The Economic Status Of The USSubmitted On December 09, 2011. Viewed 13 times. Word count: 432.

MLA Style Citation:
Waters, Sarah J.".".9 Dec. 2011EzineArticles.com.26 Jan. 2012 .APA Style Citation:
Waters, S. J. (2011, December 9). . Retrieved January 26, 2012, from http://ezinearticles.com/?Majority-­of-­Unemployed-­Americans-­No-­Longer-­Receive-­Benefits&id=6747344Chicago Style Citation:
Waters, Sarah J. "." EzineArticles.com. http://ezinearticles.com/?Majority-­of-­Unemployed-­Americans-­No-­Longer-­Receive-­Benefits&id=6747344EzineArticles.com© 2012 EzineArticles.com
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