Now that you are unemployed, hoard your cash. Activate all of your benefits. Don’t pay off your outstanding credit cards. Pay only the minimum amounts required. The reason? You really don’t know how long you will be unemployed.
Do not…repeat…do not attempt to get a loan or a new credit card to help pay for expenses. You don’t need a new debt at this time.
Live below your means. If you don’t need it, don’t buy it. You are unemployed. And…did you know you do have a new job? That reflection of you in the mirror is your boss. Your job is to find a job; it is a new job and a job deserving of your utmost attention.
Set work hours. You will need organized attention in order to find a job.
Get up early. Before you are ready to work, you will need to shower, dress, fix your hair and put on your shoes.
Is there a workspace in your home where you can go to “work”? A small area can be converted into your office. Keep it simple and don’t invest a lot of money into it.
Now is the time to tend to your paperwork. Write a new job description. Update your resume. Create a list of firms and individuals for distribution and keep good follow up records. Set up files and phone logs. You will need to work as hard for yourself as you did for your ex-boss.
Keep your network of people alive. Let them know about your job search and where you can be reached. You never know what company is looking for you. Make yourself known and available.
Acknowledge your feelings and emotions, but don’t wallow in them. The old saying goes like this…”Tough times don’t last but tough people do.”
Let’s face it. Credit card companies think only of themselves and their profit margin. By doing so, they resort to sneaky practices and the consumers (you and me) are totally unaware of some of them, if not all of them.
The first one that comes to mind is retroactive rate increase. Unfortunately credit card companies were given until next year to raise interest rates before there is a “freeze.” Anyone is able to come to the conclusion that the credit card companies are looking for any excuse to raise interest rates prior to the cutoff date.
The next is a good one – universal default. That means if you have fallen behind on a payment to one of your credit card companies, than other credit companies can raise your interest on any other credit cards you may have, even if you have been paying on time. It is a sneaky practice and is done so with the thought that even though payments are done on time, there is always that outside chance the payments may not be on time in the future.
If you have multiple cards with the same company, the one with the highest interest rate will be paid last. Obviously more interest is collected – another sneaky practice.
Now this is really a trap. A credit card company will move the due date around, from evening to the morning of the due date. Most individuals assume that they have until the evening of the due date to pay. Not so anymore. Bingo…you’re late with your payment!
CEO’s of the major credit card companies will be meeting with the President later this week. Hopefully these sneaky practices will be addressed. Credit card companies have received millions of bailout money and still they continue to “jab” their customers and “nickel and dime” them. I firmly believe we just may be better off working with bill collectors paying pennies on the dollar. Credit card companies aren’t willing to work with their customers. True, your credit report will be blemished but it won’t be long before you can once again regain a good credit report. And…at a loss to the credit card companies.
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