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An increasing number of people are joining the dole queue as businesses have gone bust in the present economic crisis. One of the problems that people face when they lose their jobs is trying to keep up with their financial commitments, there are ways to manage when you lose your job, and keep your good credit rating.
When you lose your job there are a couple of things you should do straight away, and some of them might surprise you. Probably one of the first things that you should do is to start making only the minimum repayments on your credit card, stop using cash and pay for your groceries with your card. You should only do these things and only for essentials, in the short term so that you can conserve any cash that you have. How you manage your finances when you are out of work, needs to be different from how you do it when you are working.
The point in hanging onto your cash is that if you run out then you may resort to using cash advances on your credit card and this will cost you a lot of money over the long term – not only that it will adversely affect your credit report. You should try and cut your monthly expenses as much as you can, even if you have already done this it is worth taking another look because we often miss things. You should get hold of a couple of free copies of your credit report and make sure that it is as good as you can make it. If you notice any mistakes on your credit report then write to the credit bureau asking them to rectify it. You may have to write to them more than once but eventually they will put the problem right.
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