According to an article in the Star-Telegram, the Texas unemployment rate hit 8 percent for the first time in 22 years. The last time the state experienced unemployment numbers that high was during the 1980’s oil bust. But despite Texas’ high unemployment rate, the state is still fairing better than the country as a whole, which has an unemployment rate of 9.7 percent.
The article said:
“Despite our strong Texas economic foundation, the national recession is having an adverse impact on our state,” said Tom Pauken, commission chairman.”
Nationwide, claims for unemployment benefits jumped to 1.4 million from 1.3 million, which is three times higher than it was in August 2008. That number is expected to increase along with the number of unemployed people remaining on jobless benefits. We can also expect an increase in foreclosures and credit card defaults as more Americans make difficult choices about how they will spend their dwindling income. For people who are facing a job loss or experiencing prolonged unemployment, now may be a good time to take an honest look at your income, expenses and debt load. If you have savings, please do not exhaust it to repay debt after becoming unemployed. Apply for unemployment insurance immediately and diligently look to replace your income. If you are unable to find comparable employment within a reasonable time and you have a large amount of debt you my want to consider your bankruptcy options.