The Inside Scoop On Loans For Debt Consolidation

You walk out to your mailbox and open it up, hoping to receive some good news, but instead you pull out bill after bill after bill. But among those bills is an envelope with an offer of loans for debt consolidation. Facing a problem in paying your monthly payments, you might consider debt consolidation one way to help get your finances into a situation that’s more manageable. But should you really consider loans for debt consolidation or should you think about other alternatives to help restore your secure financial footing? A debt consolidation loan can be a lifesaver, but before you sign off on those loan papers, make sure you carefully consider the terms of your lending agreement.

Certainly, if you have decent credit, loans for debt consolidation should be available to you. But be very careful, there may be a number of lenders out there who will offer you loans that look good on the surface, but in the long run turn out to be even more costly to you than paying off the existing debts you already have. Let’s take a look at an example:

Let’s say you have an outstanding debt of %11,000 on a number of loans, and the overall interest rate works out to 14 percent, and you have five years (60 months) left to pay. Your monthly payment would be about %260 per month. But suppose several companies come along and offer you loans for debt consolidation in the full amount that you owe (%11,000) but instead of %260 per month, they offer you a monthly payment of just over %190. Hey, you can save %70 a month, so that may sound like a good deal to you. However, as it turns out, this new loan is actually at a higher interest rate (17 percent) for a longer term — ten years instead of five.

So how much would saving %70 per month cost you in the long run by accepting one of these loans for debt consolidation?

If you stuck with your original loans and managed to keep making your %260 per month payments, you would end up paying back a total of about %15,400 on that %11,000 in loans. If you take the new loan and pay off the %11,000 in debt, your new payments over the ten year period would amount to about %22,900 — or %11,900 in interest!

So you see, upping your interest rate and extending the number of years to pay on your debts may save you some money in the short term, but jumping headfirst into one of these types of loans for debt consolidation will end up costing you a whole lot more in the end. If you’re considering taking out a debt consolidation loan, make sure you look carefully at exactly what you’re getting yourself into before you sign the paperwork. Otherwise, you may find yourself with a bad case of borrower’s remorse.

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How to Prepare for a Job Interview After a Layoff

Were you recently laid off from your job? If so, you have two choices. They usually include collecting unemployment for your preset time or finding a new job right away. Although many do not like to rush the process, you may want to jump right back in. With drive and determination, you could land a job interview in as little as one week. But, wait! What if it has been years since your last job interview? You are likely nervous. To help calm your nerves, continue reading on for a few helpful tips.

Practice explaining your unemployed situation. If you are jumping right in after being laid off from work, you could have an interview scheduled one week after losing your job. This is good, as it shows drive and determination. However, you may still be bitter. In this economy, many know layoffs are a common occurrence. The company you are interviewing with knows this. Do not be afraid to say you were laid off, but don?t be bitter or negative about the company that let you go. Companies need good and positive thinking employees. Nothing shows your positive attitude more than handling a layoff with dignity and respect.

Research the company in question. Right now, your goal is to find a job. You may visit a company website, look solely at their careers or employment section, and then be on your way. Once you have scheduled an interview, do the research. Use the internet or ask around. You don?t need to know the company?s entire history, but have a general idea of who and what you are dealing with. For example, if applying for a manufacturing job, know what the company makes and some of their buyers. Find a suitable way to work the information you learned into the conversation. This shows drive, determination, and action.

Familiarize yourself with common interview questions. If you were laid off from a job you had for 10 years, you may not remember what an interview was like. Ask around or use the internet to research. Some of the common questions asked include: What are your strengths? What are your weaknesses? What are your goals in five months and then five years? Why do you want to work for the company? Why do you feel you will be a valuable asset? It is easier to prepare for a job interview after a layoff when you know what to expect.

Practice answering the above mentioned questions. At the very least, practice in front a mirror. It is best to use a trusted friend or relative. They can ask questions and give you feedback. If you get feedback, consider their suggestions. Yes, it is hard to hear you are sounding unprofessional, but the friend or relative in question has your best interest in mind. They are trying to bring an unbiased opinion to the table and help you land a job.

Dress for success. Even if applying for a job as a cashier or janitor, dress like you are on top of the word. Never show up in shorts or jeans. Fancy eveningwear is not required by any means, but look professional. Pants should be black or tan. Both men and women should opt for solid color polo or dress shirts.

Arrive early. Most recommend arriving on time, but you want to do more. Don?t take unnecessary risks with heavy traffic or bad weather. Plan to arrive at least 15 minutes before your interview. You will have to wait, but it is worth it. The unemployment rate is high in the United States. Now, it is common for hundreds of people to apply for one position. Don?t let being late immediately eliminate you.

Have a positive attitude. If you are used to working in an office and are now applying for the position of a retail cashier, you may be less than thrilled. You may consider it a step-down, but need the money. Yes, this can be depressing, but don?t let your disappointment show. Be positive, speak clearly, and make eye contact.

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Laid Off From Your Job? Tips To Get Organized Now

Did you just receive a layoff notice? If so, there is a lot you need to do. You need to update your resume, apply for unemployment benefits, work on reducing your spending, and so forth. This is a lot for one person to take on, especially when they are already consumed with anger, sadness, and fear. If you were recently laid off from your job, you need to get organized and now. What should you do?

First, know what areas of your life need to be organized. As previously stated, you need to apply for unemployment, update your resume, and work on reducing costs. Right there is three things. Go to your local dollar store and purchase three cheap folders. You can usually get two or three for %1. Label each folder. Have one folder for unemployment, another devoted to your resume and job searching, and one for reducing expenses.

As for reducing your expenses, there are many ways to get started. Create a list. Keep this list in your folder. Think of everything you spend money on and write it down. This includes rent or mortgage, car payments, car insurance payments, gas, utilities, food, clothes, and so forth. Next to each item, write a few moneysaving suggestions. For your television, reduce your package. Do you really need 200 channels? Not if you can?t afford them. For food, shop at stores with low prices, opt for cheaper brands, and use grocery coupons. These are your goals. Over the next few months, make it your goal to accomplish each. In no time at all, you will start saving money. This money can compensate for the difference in your normal income to your lower unemployment checks.

As for your unemployment, keep anything related to your job layoff and benefits in this folder. Save your official layoff notice, documents from your severance package, and so forth. If you can copy your unemployment application, do so and keep a record. If you receive a paper check, as opposed to direct deposits in your checking account or on a bankcard, you should receive payment stub. This is similar to the one attached to your former paychecks. Save them. Also, place a calendar in this folder. Mark the date in which your unemployment benefits will cease. Look at this calendar daily. Make it your goal to have a new job before this date.

As for your job search tools, have an updated copy of your resume in this folder. In fact, have many copies available. Have them ready to send out. Make notes and keep them in your folder. You should make note of any job you are interested in applying for, jobs you have applied to, job interviews you have scheduled and so forth. After attending a job interview, make note of jobs you did not get. This will save you time, as you aren?t mistakenly applying for the same job repeatedly.

Outlined above were a few suggestions for getting organized after receiving a job layoff notice. Whether you received your layoff notice yesterday or three months ago, it is never too late to get organized. Organization will make it easier to deal with the change, overcome it, and get back on your feet. Don?t let poor organization cost you your unemployment benefits, lead to debt, or delay the process of finding a new job.

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Laid Off and Looking for a New Job? 5 Places to Look

Were you recently laid off from work? If so, you may want to jump right back in and find a job. Good for you, but where should you look? If it has been ten or more years since your last job search and interview, you may not know.

So, where should you look for a new job after a layoff?

1 ? Your Newspaper Unemployment Section

Most newspapers have a classified section. In that classified section, you will find another section for employment. It is here where you will find open position locally. In addition to daily newspapers, be sure to check your weekly classified newspaper. Some companies prefer to advertise in this instead, as it is cheaper. You must act fast when taking this approach. It is how most people find and apply for jobs.

2 ? Job Search Websites

Job search websites come in different formats. You will find generalized websites and those that target certain industries. For the best chance of success, visit them all. Perform a standard internet search with the phrase ?job search.? You will find Monster.com, HotJobs.Yahoo.com, CareerBuilder.com, and more. Different websites have different job listings, so search them all. Also, look for a resume listing service. If you can list your resume on these websites for free, do it! Not all companies post job listings. Instead, some prefer to browse resumes themselves to find qualified candidates.

3 ? Company Websites

Nowadays, many companies have a website, even if they don?t sell products online. This website is usually to inform the public about their business and its purpose and to attract new clients. On these websites, you can usually find employment information. Towards the bottom of the page, look for a section listed as ?Careers,? ?Jobs,? or ?Employment.? It is here you will find a list of open positions or instructions on how to apply for a job locally. This approach is hit or miss, but easy to try.

4 ? Job Fairs

Due to the poor economy, job fairs have decreased in frequency, but they still occur. You can usually find information on local job fairs by searching online or looking in newspaper classified sections. Due to the high unemployment rate, job fairs are packed to capacity. You need to arrive early, especially if the unemployment rate is high in your community. It is not uncommon for late arrivers to have to wait an hour or more in line! When attending a job fair, don?t dress like it is another afternoon at the mall. Bring many copies of your resume and dress as you would for a scheduled interview.

5 ? Staffing Agencies

Staffing agencies come in different formats. General ones will help you find any type of job. There are also industry focused staffing agencies and temporary ones. Temporary jobs are nice, but their varied availability may have a negative impact on your unemployment benefits. Before paying for a professional service, check with your local city or state. Some offer similar job search services and more, like resume help, free of charge.

Highlighted above were five places you should look for a new job after getting laid off. This is just a starting guide; you have more options. Most importantly, keep your eyes and ears open at all times. You never know when an amazing opportunity may present itself.

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Laid Off: Pros and Cons of Moving to Find a New Job

If you were recently laid off from your job, you should be collecting unemployment benefits. Unfortunately, those benefits are likely only a fraction of what you were making before. For that reason, you should actively search for a new job, but what if there aren?t many open positions in your state? Should you relocate? Maybe. Honesty, the decision is a personal one. However, before making that decision you should know the pros and cons of moving to find a new job. What are they?

The Pros of Moving to Find a New Job

You get a clean slate. Living near friends and family is nice. However, do you feel as if they look at you differently because you are unemployed? Is your poor financial situation causing stress with family and friends? Do you live in an area with a high cost of living? Have you always wanted to try a new career path, but can?t find a good career training center or can?t escape your past? If so, moving will get you a clean slate. It is stressful moving to a new state, but think about the unique opportunity. You can now start life over again, making your dreams become a reality.

Your chances of finding a job increase. Rarely are Americans willing to pack up their belongings and family for a small chance. If you want to move, you likely did the research first. You should know the area; you researched available jobs, and liked what you saw. By opting for an area where the poor economy has done little to harm the job market (and yes these communities do exist) you increase your chances of finding a job. Although there are no guarantees, you could find a job in as little as one week, but stay unemployed a year or more where you currently live.

The Cons of Moving to Find a New Job

You may lose your unemployment benefits. States have different rules and restrictions. Your unemployment benefits may transfer, you may keep receiving them, or not. For that reason, do not move just because you hear a state has a good job market. Use the internet to research these jobs and apply. Schedule a trip for interviews. Schedule many interviews in a two or three day period. If you get a job offer with a decent salary, then move. This step does involve extra travel expenses, but is less risky.

It may be hard to sell your home. If you are a renter, you could easily up and move with little to no complications. On the other hand, if you are a homeowner, you may have a hard time selling your home. Talk to a real estate agent. How are home sales in the area? Do they think your home will sell? If not, consider staying put or renting your home instead.

You get a clean slate. Above, getting a clean slate was listed as a pro to moving to find a new job after a layoff. How can it also be listed as a con? It works both ways. A clean slate is nice, but it has its downsides too. You are uprooted from those you know and love. Do you have children? You will relocate your children, forcing them to attend a new school. This may not bother your first grader, but what about your teenager? She is likely to have many objections. In fact, those objects may place a huge strain on your family. Is it worth it? Many feel only if they have a solid, well playing job lined up. Many feel it isn?t work the risk to uproot their entire family based on a maybe.

As you can see, there are many pros and cons to moving to find a new job after a layoff. The decision is yours to make; however, you may find the best success with limited travel. As previously stated, apply for jobs online. Then, travel to job interviews. Once you have a job lined up, move.

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How to Support Your Spouse After a Job Layoff

Job layoffs are becoming a weekly occurrence. Somewhere in America, at least one company decides to layoff employees. Layoffs are becoming so common that you may know someone dealing with one firsthand. In fact, that person may be your husband or wife. Losing a steady full-time income is stressful. You may have your own worries, but you need to be available to support your spouse after their job lay off. How?

Be there to talk. Sometimes, you just need to listen. Your husband or wife will go through different stages of emotions. Anger is usually the first. Listen to them rant and vent. Then, fear and panic usually comes next. Assure them everything will be okay. It may take a few months, but they will find a new job. Moreover, there is still your income to fall back on. If the situation does not improve, depression may come next. Unfortunately, your shoulder to cry on and ear to listen may not be enough. Professional help may be needed.

Talk about health insurance. Many families have two health insurance options, but rarely need two coverage plans. For that reason, either you or your spouse are providing health insurance for the family. If your wife was laid off and she provided insurance, closely examine all options. This should be done immediately to ensure your family, especially the children, are not without medical coverage. Is it cheaper to buy COBRA coverage or health insurance through your work?

Provide support with finding a new job. With the poor job market, it is harder to find a job after a layoff. There are millions of Americans looking for work. In the past, a job that may have only had 50 applicants may now get as many as 250. Your husband may have a great job interview, only to later learn he didn?t get the job. Finding a job in today?s economy isn?t easy; it will be a bumpy road. Once again, be there to listen and provide support.

Tactfully provide advice. Some Americans getting laid off from their jobs have worked with the company ten, twenty, or even thirty years. If your spouse is one of these individuals, he or she likely hasn?t job searched, applied for jobs, or had an interview in years. They may not know where to start and they are likely to make mistakes. It is easier to catch them from the outside looking in. Notice your wife isn?t dressing properly for a job interview? Mention it, but be polite. In fact, offer to take her shopping to get a new outfit.

Give your spouse freedom to make a new choice. They may want to go back to college, take a few career-training courses, or even change career fields. As long as you can afford it, let them try. Not only that, offer your support and encouragement. Layoffs are scary, but they provide many Americans with a clean slate.

Don?t expect your spouse to do it all at home. If actively looking for a job after a layoff, your spouse will be in and out of the house. However, much time will be spent right at home. Do not create unrealistic expectations. Yes, your wife is home each day; however, that does not mean you can expect her to have dinner ready each night, clean the house, and care for the kids. Take it one-step at a time. Of course, they should not spend their days at home sitting on the couch doing nothing, but don?t overwhelm or burden them with too much.

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Layoff Tips for Two Income Families

Job layoffs are increasing all across the country. They are becoming a common occurrence. Unfortunately, this may mean you are soon impacted, if you haven?t been already. If your household was previously a two-income family, you are in a unique position. Yes, you will need to cut expenses. You will get unemployment and possibly a severance package; however, these do not last forever and their amounts are smaller than your last paycheck. It is less money than you are used to having. So, how can you make the adjustment and survive a layoff when transitioning from a two-income household down to one?

Most importantly, do not panic. Your husband or wife has income coming in too. This may not be what you wanted to hear, but consider yourself lucky. Many families have one parent staying home with the kids. They are now reduced to no steady income. A single person is now left to, literally, fend for themselves. Once again, you need to make a few changes, but that one remaining income should keep food on the table and pay necessary bills. As stressful and depressing as getting laid off is, remember you will receive unemployment for a time and you have an additional income to fallback on.

Determine how much money you have available to spend each month. Even with unemployment, your weekly checks will be less than before. Determine how much less. Take your husband or wife?s income and add it to your weekly unemployment benefits. How much money does your family have each month? This is important. You cannot live within your means if you don?t know what those means are. Luckily, this step is easy and should take you no more than 15 minutes.

Reduce your expenses. You now know your monthly income. This is how much money you have to survive each month. In terms of reducing expenses, take everything you don?t need to survive, like television, internet, or a morning cup of coffee at Starbucks. Unless on a very tight budget, you don?t need to go without. First, try cutting back. Look at your phone package. How many long distance calls do you make each month? If just one or two, eliminate long-distance and use your cell phone to make those calls. In fact, can your cell phone replace your landline phone? Do the same with internet and television. Look for cheaper alternatives.

Reduce the cost of food. This could easily fall into the category of cutting expenses, but there are so many money saving tips it deserves it own section. To get started, make sure you are shopping at the right stores. Take an afternoon to look at nearby stores; browse their products and prices. The grocery store you shopped at for years may not have the best prices in town. Cut your shopping down to once or twice a week to avoid impulse purchases. Most importantly, use coupons. They appear in most Saturday and Sunday newspapers. You can also use online coupon websites. Perform a standard internet search to find product websites and look for coupons posted.

If you are a parent, you likely had children in daycare. Whether it was all daycare or before and after school only, pull them out. Most daycare contracts have special exceptions for termination of service with job loss. Depending on where you live, this could save anywhere from %100 to %300 a week! When you start looking for a new job, find a part-time babysitter or rely on friends and family to watch your kids while you attend job interviews.

Only use your savings in the event of an emergency. As shown above, there are many ways that you can survive a layoff when still having another full-time, working income to rely on. Start implementing these steps the moment you are laid off from work. One mistake many unemployed workers make is spending their savings right away. If you saved money over the years, you may have anywhere from %2,000 to %20,000 stashed away. Yes, a layoff is considered an emergency, but with the poor job market, there are no guarantees when you will find a new job. Don?t deplete your savings when there are other alternatives.

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Significant Cutbacks That Can Help You Avoid Debt After a Job Layoff

Were you recently laid off from work? If so, you may be in financial distress. Even those who collect unemployment benefits barely find themselves scraping by. If you are one of those individuals, you need to make significant cutbacks. What might those cutbacks entail?

Sell your house. If you live in a home with an expensive mortgage that you cannot afford and if you do not anticipate finding a job in the next two or three months, get out now. Try to sell your home before your credit is severely impacted. Luckily, the housing market is starting to slowly improve in many areas of the country. Layoffs are increasing in frequency, but many Americans still have their jobs and can get a loan. List your home for sale based on its last appraised value or fair market value. Don?t sell yourself short, but middle class family homes, in the %75,000 to %150,000 range are easier to sell.

If you have been trying to sell your home and cannot, do you have extra room? If so, rent out a room. Do backgrounds check and check references. This can help offset the cost of a mortgage you cannot afford. In addition, right now many Americans have steady income, but poor credit. These Americans cannot get a home loan, even though they could likely afford one. For that reason, consider renting your home. This is ideal if your house is too big, but do not feel comfortable living with a stranger. Use the incoming rent to pay the mortgage. Use your spouse?s income or your unemployment check to pay rent on a much smaller and cheaper apartment.

Find a new apartment. If you are renter, as opposed to a homeowner, is your rent too expensive? Can you no longer afford it or will you barley be scraping by? If so, look for a new place to live. If you have children, you may want to keep them in their same schools. This is good, but live where you can afford. A city may have an average rent of %1,000. However, fifteen minutes away a smaller town may have an average rent of %500 a month. Due to the poor economy, many landlords are releasing tenants from their contracts with appropriate notice, such as 30 or 60 days.

Sell your car and buy a cheaper one. Your best avenue is to sell the car outright yourself. List it for sale in newspaper classified sections, Craigslist.org, and other places online. Consider the value of your car. Set a fair selling price, but make sure you have enough to payoff the rest of your automobile loan and buy a cheaper, used car. Driving around a used ?old clunker,? may not be what you had in mind, but you can find quality used cars for %1,000 to %5,000. Right now, you need something that runs and gets you from point a to point b. As for just selling you car, this isn?t recommended. Even if there is public transportation in your area, remember the poor job market. When find a new job, it may be two or three town away.

Look at the cost of your landline and cell phone. Do you have both? Many see success with replacing their landline phones with cell phones. If you can?t, practice talking on your cell phone less and lower the minutes. If you can get out of your cell phone contract without large fees, do it. Get a prepaid phone and use it for emergencies only.

Lower the cost of your internet. Many times, internet access is considered an extra. Yes, it technically is. However, it is now a job search tool for you. If actively looking for a new job, you need internet access. Don?t cancel yours. Instead, look for cheaper lower speed packages or opt for dial up access instead.

Lower the cost of your television. If you have internet access, consider doing away with your television altogether. You can get your local news and weather online. If you want television, get the local channels only. You don?t need one hundred or more channels, many of which you never watch. Luckily, most shows are now streamed online for free. In addition, the season DVD will soon be released on Netflix. Speaking of Netflix, if you do away with television, consider a subscription. For less than %20 a month, you can get unlimited movies with three movies at a time!

The above mentioned lifestyle changes may sound significant and impossible to make, but remember your financial situation. You were laid off from work. It may be one month before you find a new job, but it may be one year or more. Don?t fall victim to debt, take charge now.

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Laid Off from Work? Increase Your Chances of Finding a New Job

Were you laid off from your job? Whether the layoff occurred two weeks ago or two months ago, you may want to jump right back in. Unemployment benefits are nice, but they likely rarely come close to the paycheck you were bringing home before. Unfortunately, the job outlook isn?t good. All across the country, companies are cutting expenses. Many of the companies who aren?t laying off workers have imposed freezes on hiring. Finding a new job may seem like an impossible task. However, there is work out there. You just need to know how to find it.

Use the internet to look for a new job. If you are 25 years old, you likely use the internet on a daily basis. However, if you are 50 years old, you may be lucky if you touch a computer twice a week. Internet use varies depending on age, computer access, and the time available to surf the web. When looking for a new job, your first thought may be to look in your local newspaper classified section. Do this, but also turn to the internet. There are many job search websites, like Monster.com. Companies also have employment sections, where open positions are listed on their websites, and much more. In the past, you may have only used the internet to communicate with friends, but now use it to find a job.

Post your resume online. As previously stated, there are many job search websites online. These websites, like Monster.com and CareerBuilder.com, have a large database of searchable and browseable jobs. Not only that, but they also allow you to create a free resume and post it online. You must take this step. Right now, there are millions of Americans looking for a job. A construction company posting a job listing online is likely to get thousands of applications, many from unskilled and unqualified candidates. Many of these companies save themselves time and forego posting a job listing. Instead, they rely on resume databases to find qualified candidates themselves. If your resume isn?t posted online right now, get it up today!

Talk about your job layoff. Lets face it, getting laid off from your job likely wasn?t your fault. It was due to the poor economy; however, it is still slightly embarrassing. At a party or bar, do you really want to say ?I am laid off,? when asked what you do for a living? Most likely, no. With that said, it can work to your advantage. Are you a construction worker who was recently laid off? You never know who you may meet at a party. There many be someone in the process of building their own home who needs skilled workers, a small business owner looking to expand, and so forth. Talking about your laid off status to strangers may seem embarrassing, but it may also open new doors for you. Of course, you don?t want to tell your life story. When asked what you do for a living say ?I normally work as a construction worker, but was recently the victim of companywide layoffs.?

Take an entry-level job. Right about now you may be thinking that entry-level jobs pay less. Yes, they do. Think long-term. When it comes to promotions, many companies like to promote from within. This is your opportunity. If your unemployment will soon run out, you need a job. Don?t discount low paying positions or even part-time work. The key is to not just show up for work and collect your paycheck each week. You want to give it your all. Arrive early to work, make good use of your time, and volunteer to work extra hours or take on new projects. Showcase your skills and show your new employer that you are a valuable asset to the company. You may find your part-time position going to full-time or you may find yourself working up the company ladder in no time at all.

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Laid Off? Pros and Cons of Taking Part Time Work

Were you laid off from your job? Whether that layoff happened three weeks ago or three months ago, you may want to jump right back into work. Unfortunately, the job market has taken a hit all across the country. Jobs are out there, but they can be difficult to find. For that reason, you may be willing to accept a part-time job, but it the best choice? It depends. To determine if going back to work part-time is ideal for you, familiarize yourself with the pros and cons of doing so.

The Pros of Taking Part-time Work after a Layoff

There is money coming in. When you have a job, you make money. It is simple as that. If your unemployment benefits are running out or if you were denied unemployment, you may not have a choice. You need to put food on the table and pay your bills. If you are in this situation, you should be willing to accept anything. That includes a lower paying part-time job. Luckily, it does not have to last forever. You can move on when you find a stronger, stable opportunity.

That part-time job can turn into much more. Although the economy and job market are in poor shape now, it will not last forever. Both will make a comeback in time. Companies will rebound and make more money. They can pay their employees more and offer part-time employees full-time work. Moreover, it shows action on your part. Honestly, most people would not take a part-time job after getting laid off from work unless it was a life or death situation. Not you. You decided you wanted to work and found a job, even if it wasn?t what you were accustomed to. This drive and determination can help you work your way up the company ladder, as many like to promote from within.

You are out of the house. After a job layoff, expenses need to be cut. This often translates into staying home more. After a while, you may get used to spending all day at home. Also, anger, sadness, fear, and depression is common with job layoffs. Even if you can afford to get out of the house, you may not want to. This is often where the downward spiral begins. Whether you feel the onset of depression or are just restless from staying home too much, get a part-time job. It will not only help your wallet, but your overall wellbeing too.

The Cons of Taking Part-time Work after a Layoff

The money is from a part-time job, so it is less. For that reason, many laid off Americans use a part-time job as a last resort. They wait until their unemployment runs out. Be careful if you don?t want to wait. Compare the income made from a part-time job to your current unemployment checks. If your goal is to put food on the table and pay your bills, opt for the choice that gives you the most, even if it is collecting unemployment. In that case, don?t get a part-time job. Continue to look for steady full-time income, but take up a hobby too.

You may lose your unemployment benefits. As previously stated, those eligible to receive unemployment for more months want to compare the two. Although only employed part-time, you are still employed. This makes you no longer eligible to receive unemployment. As stated above, a part-time job translates into a part-time income. Is it really worth it to lose your %300 weekly unemployment check for a %150 a week part-time job?

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