Credit Score News, Tips & Advice
Website CertifiedPrivacy Protected
Credit Score News, Tips & Advice « Credit Scores > Credit Score News > 411,000 Workers Face Loan Problems After Census Job Is Over

411,000 Workers Face Loan Problems After Census Job Is Over

By Sally Maison
Published: Saturday, June 26th, 2010

6Of the 431,000 jobs that were offered by the government last month, 411,000 were for contractual census workers who will survey the whole population of US in a period of time. And consequently, after the job is done, this number will most likely be on the jobless list again. The sad news is that the number of job offerings is few compared to the demand for vacancies. Thus it creates an imbalance between supply and demand.

The temporary workers are also worrying about what will happen after the census job is over. Many say they would accept any kind of job so long as they have enough food to eat daily. And one of the biggest concerns for these people is the effect of unemployment in their credit standing. As known to most debtors, unemployment limits the number of loans that can be accessed. And very few creditors approve loan applications from people who do not have jobs.

Reasons for loan applications can range from car mortgage to tuition fee payments. For rank and file personnel, asking for loans is most likely for immediate purposes and compelling needs such as tuition fees and payment for other outstanding loans. When workers become unemployed and are denied of loans, they run the risk of declaring bankruptcy and this will further damage their credit score.

Having low credit is the worst thing that could happen to wage earners. It makes life extra hard since employers are also considering the financial health of their future employees. When job applicants are screened, their credit standing is also reviewed and having bad credit might go against them.

In order to make the most out of their current job, the best that the census workers can do today is to fin job on the sideline. Once their contract with the government expires, they can already apply for other jobs without experiencing a period of unemployment. Furthermore, it saves the workers from the negative effects of staying unemployed for a period of time. It must be remembered that employers prefer those people who work continuously.

Financial woes are still on the minimum. More people are expected to get lower credit scores in the future as unemployment rates starts to rise. And with the employment sector getting asphyxiated with too many applicants for single vacant positions, the labor department also advises applicants to further improve their skills and be more competent workers.

No Comments

No comments yet.

RSS feed for comments on this post.

Sorry, the comment form is closed at this time.