Unemployment Claims Increase
A recent report from the U.S. Department of Labor found initial unemployment insurance claims for the week ending June 4 increased 1,000 compared to the week before, and is estimated to be 427,000.
The latest four-week moving average is 424,000, which is a decline of 2,750 from the previous week's figure of 426,750. In addition, the insured unemployment rate decreased slightly, to 2.9 percent, from the previous week's 3.0 percent.
A total of 3,676,000 people were using unemployment insurance, as of May 28. This is a decline of 71,000 from the week previous. The four-week moving average decreased 29,000 to the latest figure of 3,719,250.
Consumers who have been recently laid off may not only be worrying about vital bills, but also any outstanding credit card debt they owe. It may be wise to tackle outstanding debts as quickly as possible, because these costs can mount if a person loses their job. If a person already is out of work and has bills that need to be taken care of, it could be a good idea to explore debt relief options.
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New government regulations in place for consumers in need of debt relief for credit cards and other unsecured debts.