Saving up for retirement is hard. How much do you save? What is the economy going to be like ten years after you stop working? Will your money be worth the same amount? How long are you going to live? No one likes thinking about these mind-boggling questions and no one has a definite answer. That’s why many members of our elder generation are finding themselves in financial trouble.
It can be hard to obtain a loan if you are unemployed because many creditors want applicants to be employed and to have a good credit history. However, unemployed workers may still be able to acquire a loan, though the criteria to qualify can be challenging and the interest rate may be high.