Unemployment Expenses Come As a Shock

Online, November 7, 2010 (Newswire.com) - When you find yourself suddenly unemployed, if you have decided that it's time to change jobs or if you are looking for a job for the first time, it can come as quite a shock to realize just how much money job seekers need to spend in order to reach their employment goals. For those who are hunting for a new position due to an unexpected layoff, the shock can be even greater, as there are usually little in the way of savings set aside for such a financial emergency. As the job market has tightened, more young people - even recent college graduates are struggling to find jobs.

Often, those who are searching for a position find themselves having to turn to short term loans or personal loans in order to make ends meet during this difficult time. Non-traditional lenders have often been easier to work with - approving personal loans for those in difficult financial circumstances, while banks, a more traditional source of credit have struggled. Credit unions, small banks, private money lenders and finance companies often have retained the ability to make personal loans to young people, and are usually more flexible in their approval guidelines.

Applying for a new job can mean a significant financial outlay for cash-strapped workers, however, those most affected by the recession face the challenge of having to spend money to make money. While President Obama has asserted that the economy continues to improve and contended that the economic stimulus legislation passed a year ago was having a positive effect, it will take some time before enough jobs are created to offset the average unemployment rate of 9.7% nationwide.

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