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Debt Help – Unemployed Survival Guide

Debt Help - Unemployed Survival Guide
Debt Help - Unemployed Survival Guide

With the advent of a global pandemic sending Australia into lockdown mode, many businesses have suffered immensely. Social isolating is now the norm and businesses that were once thriving have been forced to close. This is a situation that no-one could have predicted and has left a lot of people searching for debt help.

Here is your unemployed survival guide.

I Lost My Job, Now What?

If you have found yourself without a job during this COVID-19 pandemic, you are certainly not alone.

With restrictions placed on restaurants, pubs, gyms, cafes and many other businesses taking a huge hit, they have been forced to lay off their employees. Australia’s unemployment rate rose to 5.2% in March. With Employment Minister Michaelia Cash stating that Treasury modelling shows it will spike in June at around 10%.

On top of this, figures from ANZ showed total job ads plunged 53.1 per cent in April, compared to a 10 per cent drop in March.

While the most logical solution is to go on the hunt for a new job, with fewer jobs available and more people looking for work than ever, this just isn’t an option for many. This has left many families looking for debt help. If you find yourself in this position, here are some steps you can take.

Look For Your Entitlements

The Australian Government has stepped up to help those who have lost their jobs during this time, so it is worthwhile looking at what you might be entitled to. Here are some you can look into:

The Jobseeker payment is available to those who were stood down or let go, including sole traders, self-employed, casual workers and contract workers. You have to meet the following requirements:

  • Between 22 years old and Age Pension age.
  • Income is under the test limits.
  • You meet residence rules.
  • You meet their Government’s definition of unemployed and are looking for work.
  • You’re sick or injured and are unable to do your usual work or study for a short time.

If you meet these requirements, you are entitled to anything from $565.70 to $790.10 a fortnight. Your partner’s income could also affect what you are entitled to.

Coronavirus Supplement payment: if you are eligible for the Jobseeker payment or other Human Services payments (such as Parenting Payment and others), then you will be eligible for this one too. It is a new support payment of $550 per fortnight, once again, dependant on how much you or your partner earn.

Economic Support payments: this is a one-off $750 payment for those who already receive a range of government benefits.

The idea of all these benefits is to give people debt help while we social distance and stay home to help slow the spread of COVID-19. Of course, for some people, these payments aren’t enough.

Get Debt Help

If these payments aren’t enough to help you with the cost of living and you are finding yourself in debt during this crisis, then it is time to get debt help.

Speak with lenders

The first thing to do is to speak with your lender and ask if they can offer any help. Many businesses are stepping up to support fellow Australians during this time and offering interest-free periods to stop your debt from increasing while you struggle to pay it off. You may even be able to pause or defer certain repayments. Many banks are offering relief from credit card repayments.

Look at your service providers

It is also worth calling around your service providers and seeing if they can offer any assistance. Look at cheaper options or whether accounts can be paused or suspended for the time being.

Sort your debts

If you are juggling a number of different debts, try and prioritise them and work out which one needs to be paid off first. It generally makes sense to pay off the one with the highest interest rate first and work that way. Debt Consolidation could be a good option for you. This is where all of your debts are combined into one, easy to manage payment with a lower, fixed interest rate.

Payday loans:

It may also be worth considering a payday loan to help make ends meet while all this is going on. They are short-term loans with no restrictions on what they can be used for. They do come with high fees attached to them, so it is worth weighing up whether they are right for you.

Get Debt Help Fast

If you are up to your knees in debt and don’t know how to move forward, it is time to speak to a professional and get some debt help. The experts at Australian Lending Centre will talk you through your options and give you the help you need to get back on your feet and see you through this global crisis.

Remember, these are unprecedented times that no-one could predict. If you need debt help, just know you aren’t alone.

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Fast Loans

Dealing with Job Loss

dealing with job loss

Dealing with job loss is never easy, especially if it was the sole source of your income. It gets worse when you lose the friends you made at that company. However, there are financial options such as quick loans that can make this point in your life easier.

Overcoming job loss psychologically

Being separated from something you’ve gotten so accustomed to, is hard to handle. Learning how to cope with the disappointment that comes with the words, “You’re fired” is a challenging task. Not only did you lose your job, but you have also lost a part of yourself along with it. There is help out there such as job loss counseling services.

You lose your friendship circle as well as your professional stature. You might think that this is the end, but it’s not. It might be the opportunity for you to start something new. So you should just get up and go; mourning over your job loss is not the best way for you to cope. You just need to make sure that after some time, you’ll leave that in the past.

Deal with the problems facing you in the present; like finding ways for you to regain your professional identity as well as hiking up your financial status that may have sunk down. Looking and applying for job openings, planning your finances and deciding on a career change are some good options to consider.

Finding New Friends

You might have relied so much on your work friends that you may have forgotten to develop a social circle outside of your workplace. Make new friends that will be there for you in times of need; you need friends like these to support you when you’re having emotional breakdowns or even when you’re short on money. Having them there beside you while you’re grieving over your job loss will make it easier for you to move on.

Friends like these are hard to find and easy to lose – just like money; you need to work hard to get them. But spending your money on unnecessary things will make them disappear faster than you could say “friends”.

Consider your current financial status, credit card and savings. You might not be able to last long, so you need to find a job STAT. Scouting for job opportunities is your first step, then you could start setting up and editing your resume, filling out requirement slips along the way. You could also check out job offers that you received previously – if you had any. If you need finance in the interim, a short term loan may be a solution.

Don’t forget to minimise your daily expenses

If you can’t find a job quickly, a way of dealing with job loss can be minimising your daily costs. These include food, fuel, and clothes. Shopping for unnecessary things and eating out at restaurants shouldn’t be on your priorities list right now. You can celebrate with a fancy dinner when you find a job replacement, but as of now, stick to homemade food.

If you’re considering a career change, you need to ask some consultants about that. Alternatively, you could simply choose a career path similar to your previous job and the course you took in college. You’ll need some documents to support your resume, so make sure you have them ready in case you get called in for an interview. When you do get called for an interview, demonstrate that you are qualified, confident and job ready. Smile and be yourself. Those are the two things that you should remember to do. Even if the interview doesn’t go as well as you expected it, remember that at the end of every dark tunnel, there is light.

Dealing with job loss can be an opportunity for a fresh start

Losing your job may leave a negative impact on you, everything changes. Things just aren’t the way they used to be anymore. Your daily routine to go to work at seven sharp, chat amongst your workmates, go to your cubicle, then fill in the papers you need to work on – is now gone. Because of this, your self-esteem and self-confidence might drop. When you no longer know who you are you lose your purpose, or at least you think you do. But, look at the bright side. You can look for new employment, start a part-time gig or pursue a new passion and earn money from it.

Australian Lending Centre offers quick loans to people who suffer from job loss. We will help you start over, so you can start building a strong financial future.