Facing Financial Hardship While Unemployed

 Unfortunately, one of the realities of unemployment is the loss of income. This is especially difficult because our finances are often tied to our personal identities. When unemployed we sometimes overlook signs that we are getting into financial trouble until it is too late because we are so focused on finding new employment.  One of the central themes in my book “ A Recruiter’s Inside Guide to Getting a Job” is the need not to seem desperate while interviewing. Desperation  can be avoided if you cut back on expenses as soon as your income is limited. Here are some questions that indicate that you should consider a debt management or settlement program.   

• Are you shuffling the bills? Do you find yourself never paying the full amount billed or  late in paying your bills   
• Do you use cash advances to cover your family’s living expenses? If you are doing this, STOP immediately! Many cash advance businesses now garnish checking accounts for their payments.
• Are medical expenses such as a dental and doctor visits put off? Do not defer healthcare needs, contact your state’s Medicaid offices to see if you qualify for a medical assistance program.   
• Do you worry about your home mortgage? Call your mortgage company immediately to let them know of your situation.  Many companies offer deferred or reduced payments until you find work or for a short period.

 You have many options to help with finances while unemployed. Debt Settlement is one  way of reorganizing your finances so that your credit score and history doesn’t hold the stigma of a bankruptcy. Just remember to review your current budget and cut out the extras such as entertainment expenditures, sports fees, beauty procedures such as getting manicures and eating out. Do these reviews before you make any major decisions on how to handle your new financial reality and remember financial desperation gives off a vibe that many hiring managers notice.