by: Michael Saunders
If you're already unemployed, don't beat yourself up. You're in good company. It happens to the best of us and it often happens more than once. Now that the unwanted event has arrived, if you've established savings, regardless of the amount, and you have some available credit lines, you have two tools that will be a big help to you to get through this time without damaging your credit. Using a combination of credit and cash you can put together a new plan that includes finding that new job and a budget/spending plan that works while you do so.
Prospective employers often pull a credit report as part of the employment process, so to maximize your chances of getting a job, you want the best credit you can realistically have. Stay away from cash advances! The cost to spend money this way is much greater than using the credit card to pay for it. Even if it seems silly, using the card to buy a $10 item is better for you than using a $10 cash advance. Cash advances come with an extra fee, often have a higher interest rate, and often have a maximum lower than your credit limit. (continued...)
Unemployed? Learn the Smart Way To Utilize Your Credit and Your Cash
About The Author
The Social Enterprise Law Association (SELA), founded by Bea Hinton and Thea Sebastian, is a student-led organization at Harvard Law School designed to connecting the rift between the private and public sectors, while offering a space for students to transform their ideas into initiatives by applying their newfound legal skills to build meaningful careers.