Bad Credit Can Extend Unemployment
The economy in Arizona and in the United States overall is in its worst state in decades, and one of the fundamental reasons that so many people are suffering is because the jobs market continues to be mired in a downfall that's truly historic in terms of its reach and the harm that it's inflicting on residents. Unfortunately, with so many people out of work, personal credit ratings of those who find themselves without employment are suffering given their inability to simply meet their monthly obligations without sufficient income.
The problem that exists for many in this position could actually swirl into a circular down spiral, however, as more and more prospective employers are performing credit checks on potential workers. For those who have been out of work for some time and whose credit ratings have suffered, this could lead to losing out on a job that they would otherwise be qualified for and that would help them get back on their financial feet. This growing problem is leading many to question how or if there is a way out from their current situation.
Arizona Unemployment and General Financial Statistics
The current unemployment rate in Arizona sits at 9.7 percent, and statistics show that approximately 150,000 Arizona residents have been without gainful employment for six months or longer. As a result, it's expected that more and more people will fall into this potential conundrum, as 60 percent of employers now perform credit checks on potential hires as compared to only 14 percent who did so in 1996, according to a study done by the Society of Human Resources Management.
Arizona Bankruptcy Lawyers
Those who find themselves in this situation need to take proactive steps to put an end to their falling credit score. This could include any of several options, but it all starts with taking that first step towards mapping out a solution so that the next potential job won't be lost because of this concern. If you find yourself in financial trouble, seek the help of Arizona bankruptcy lawyers who understand how to find a solution for nearly every situation, whether this involves filing for bankruptcy protection or not.
The Phillips Law Group recommends the experienced bankruptcy attorneys atMontano Arentz & Associates, PLLC for all of your bankruptcy needs. Call today to schedule a free initial consultation!