Los Angeles-Long Beach, CA (PRWEB) May 15, 2014
Debt Consolidation USA discussed in an article published last May 9, 2014 the pointers to look out for to know if a person will survive job loss. The article titled “Are You Financially Secure To Survive A Job Loss?” shares the tell-tale signs that a person needs financial improvements to survive job loss.
The article shares some of the most recent statistics about unemployment in America. It explains that about 7.7M families have at the very least 1 unemployed member. This already decreased from the numbers last 2012 when it was at 8.4M. What is more troubling with the statistics is the fact that full time employment for at least one member of the household is only for 4.5M. This leaves 3.2M in the dark by having to live with either part time job or unemployment.
The material shares as well the sentiments of people when asked how unemployment would affect their way of life financially. The survey reveals that about 14% believe that financial survival will only be for one week and after that is a question they cannot answer. About 29% can go for a month, 26% for about 4 months, 17% for a year and only 14% can see a safe financial standing beyond 12 months.
The article points out some signs to look out for to know that survival will be hard in the face of unemployment.
Not having savings. This is the number one factor that contributes to a very challenging unemployment phase. Not having any savings will force a person to charge to credit any and all expense for basic necessities. Food, water and medicines and even utilities will be paid with credit. The lack of employment will prevent the consumer to make payments to those charges and the cycle goes on and on until the debt becomes unmanageable.
Paycheck to paycheck. More than the absence of savings, having to depend on one paycheck to another for survival is another item that spells trouble when unemployment strikes. Once a paycheck fails to come in, it ripples down to a lot of financial items in a consumer's life. Basic necessities will be the first ones to get affected.
One emergency away. If a person’s financial standing is unstable to a point that one emergency will trigger debt problems, this has to be addressed to enable job loss survival.
Credit score. The credit score reflects financial responsibility as well as the ability to take up loan instruments in case of emergency. This will be very helpful in case of job loss.
The article explains as well steps people can take to prepare for job loss. To read the rest of the article, click on this link: http://www.debtconsolidationusa.com.