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debt and jobs

Debt: Can It Stop You From Getting A Job?

By: Michael Millington


Dealing with debt can be a stressful time in anyone’s life. Even the best-off individual can go through debt problems like the rest of us. A steady income can seem like the solution for making monthly payments. However, there are those who struggle with debt that don’t have a regular paying job and this can sometimes have consequences in more aspects than just personal finances.

Debt can throw a monkey wrench into anything you want to do. Making large purchases are especially affected. But getting a job isn’t the first thing people think of when they consider the things debt can hinder. When thinking of ways to deal with debt problems people normally consider a job to be the main solution. What they don’t consider is how debt can halt those plans before getting started.

 

Ways Debt Can Get In The Way

 

  1. Stress

Dealing with debt takes up a lot of effort and time. Figuring out how to make payments on your loans and credit cards is made much harder with the lack of steady income. Debt recovery is an inherently stressful situation due to its nature. Dealing with threatening letters and collection calls can throw you off on a daily basis and severely interfere with your ability to secure employment.

Look to contact your creditors to inform them of your situation. With them knowing what you’re going through, they’ll be more inclined towards helping you resolve your debt issues. If you don’t think you’re getting your message across in a proper manner, then consider using a professional debt relief service to go to bat for you.

Professional debt relief services have established relationships with creditors and can negotiate more effectively for you. A professional can lower your debt payments so you don’t feel the pressure of your debt problems as strongly.

 

  1. Credit Card Debt

If you have credit cards you might be inclined to take out money through a cash advance. Cash advances are for emergency situations where you need to have cash and cannot use credit. Credit card providers offer cash advances as an incentive to sign up but generally do so while attaching a large interest rate to the option. Being in debt can facilitate the need for things like cash advances, but the interest would only add to your debt issues until you had a way to pay them back.

If you would like to avoid creating debt issues for yourself then consider taking out a cash loan from your bank. Your bank can offer you a loan based on the money you hold in an account with them. Depending on the bank you can borrow the whole amount or a percentage of what you have with them. Borrowing your own money is a great way to temporarily have the cash you need to keep your job hunt going without incurring the extreme interest fees that come with cash advances. Using your own money as collateral gives you low interest rates and keeps your debt impact to a minimum.

 

  1. Scams

Those in debt often look for many ways to get out of debt. Many who search for answers are often met with offers that look too good to be true, in debt relief and during a job hunt. Many people who offer quick and easy solutions are simply looking to scam you. You appear to be more vulnerable than others because of your debt and your lack of employment.

The combined stress of building debt and the lack of a job will lead some people to find fast resolutions to their problems. Those looking to capitalize on your hardship can put you into even more debt by taking your money for a lackluster service or even engaging in identity theft. These bad situations can make dealing with debt much worse for you.

The first thing you must make sure of is if the organization you’re dealing with is reputable. Do your research before committing to any course of action. Many debt relief options and job placement options shouldn’t cost you anything at all, so be wary of those who ask for upfront payments or deposits of any sort.

If you feel like you’ve been the victim of a fraudulent practice, then feel free to call your credit providers and inform them. Freezing any lines of credit you have can help avoid debt issues in the future. Also consider calling credit bureaus and informing them as well. Doing that will allow them to freeze your credit report, before any fraudulent activity impacts your credit score negatively.

 

Seek Professional Debt Help

The thought of debt snowballing until it’s out of control is a scary thing. Trying to deal with debt without a job can be even scarier. The main thing to do is not to panic as it can lead to even worse debt issues. Contact your creditors and let them know what your situation. A creditor’s main priority is to make sure they make back the money you owe them, so letting them know that you’re actively working towards debt elimination is a positive thing in their eyes.

If you’d rather not deal with your creditors or you don’t know exactly how to start, consider consulting a debt relief specialist. Debt counseling can provide you with powerful knowledge about your debt relief options at no cost to you. Take the first step in handling your debt and contact a professional today.

  • Take the first step!

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