Too Much Debt Can Keep Chicago Job Seekers Unemployed
Think debt is just a drain on your finances? Think again. Carrying too much debt can actually be detrimental to your entire life, from your income to your health.
Let's say you're looking for a job, whether it's because you're unemployed, a new college graduate or interested in changing careers. You know you're qualified, you write up a great resume and you ace the interview - but you don't get the position. What gives? Maybe your credit.
Employers can often request a copy of your credit report. And if they see a load of debt and a record of late payments- fair or not - it's not going to reflect well on your character. But here's the good news. Not only can you fix the situation by fixing your credit, but the process of making an effort will often prove to potential employers that you have what it takes for that job.
If you're in the market for a new job, make sure to get free copies of your credit report from the three main credit bureaus by going to AnnualCreditReport.com. Next, check all of the information in these reports for errors. Typos are common and can cost you your credit score.
Now comes the hard part. Take a good, hard look at your report and see where you can make improvements. Maybe you didn't realize all those late payments were adding up, or that you were using so much of your available credit each month (having a high debt-to-credit ratio - which usually means using more than 30 percent of your credit limit - can seriously hurt your score).
Try to adjust your finances so that you can pay more money each month - and rely less on credit. If that isn't possible, it's time to seek help. Since your credit can't get much worse, you best shot is to show employers that you know how to take responsibility for your mistakes. Bankruptcy proves you mean business. Not only that, but it can offer an affordable payment plan and protection for your assets, so you can eliminate your debt on your own terms.
Find out if a bankruptcy plan is a perfect fit for you with a free one-on-one debt analysis courtesy of a Chicago bankruptcy attorney. Cleaning up your finances can be just as important as cleaning up your resume.