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The Great Recession has taken a toll on many American families that have been financially devastated by the los s of income. At the start of the economic downturn, few people predicted the duration of what is turning out to be the greatest economic calamity since the Depression. Not only are people losing good paying jobs but its taking quite a bit longer to find equivalent employment and folks lucky enough to land a job often have to settle for lower salaries and benefits. That’s reality for a lot of people and dealing with that reality sooner rather than later can save you a lot of grief.
The first thing to avoid is going into denial. And that starts with getting a grasp of the big picture. We’re going to claw our way out of this recession one job at a time. If you’re in an area that’s particularly hard hit like Detroit - it’s time to take drastic measure like moving where the pastures are greener or at least not as scorched. The sooner you take action, the greater the chances of success.
Study your local job market with a very clear mind. How many people are unemployed? Don’t go by the official figures. Add in the underemployed and discouraged workers. If the figure is anywhere above 15%, chances are the recovery will be a long time coming. To get fast statistics for a specific state just type the state name and "unemployment rate" into Google and you'll get a host of charts for states and their counties.
The longer you procrastinate, the worst it will be. For one thing, you will be eating into your assets and emergency savings and you’ll need every penny to make a big move. If you’re recently unemployed, chances are your credit rating is sterling and when you relocate you’ll need that to be able to rent a property. And you’ll need a local address to get a job.
If you’re getting an unemployment check, it should be transferable to your new destination. Most states permit collecting unemployment as long as you worked in the state in the 18 month base period. So if you move to New York but previously lived and worked in Maryland and were laid off, you would file with the State of Maryland. Make sure you start the paperwork early so you don’t lose any benefits. While we’re on that point, relocate before your unemployment runs out so you have breathing room to look for a new job when you land in your new hometown. The current timeframe for unemployment is the longest in history at nine months.
If you own a house, sell it or rent it. Even if you’re underwater on the mortgage, try not to walk away from it until you land suitable employment. Employers and landlords can and will check into your credit rating when you apply for a job or an apartment. And while many may view walking away as morally wrong, you have to make your own decisions based on your own situation, values, and beliefs.
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