How to Deal with Unemployment
The panel included Rod Griffin: Director of Consumer Education and Awareness at Experian; Forbes Advisor; Robin Saks Frankel: Writer & Credit Cards/Personal Finance Expert at Forbes Advisor; Molly Ford-Coates: Founder, Ford Financial Management; and Beverly Harzog: Credit Card Expert and Consumer Finance Analyst for U.S. News; Paulina Likos: Investing Reporter at U.S. News; Tara Mastroeni: Freelance Real Estate & Personal Finance Writer; Emily Pandise: Producer, Business/Tech/Media Unit, NBC News; and Steve Ash: Content Writer and author of Going Freelance: Building Work Around Your Life.
Questions We Discussed:
- Q1: What is unemployment insurance and how do you know if you’re eligible to apply?
- Q2: Does filing for unemployment affect your credit?
- Q3: What are some ways to manage credit card debt when you’re unemployed?
- Q4: Can you be approved for credit if you have no job?
- Q5: What are some things you can do to ease some of the financial pressure while unemployed?
- Q6: What are the effects of unemployment on mental and physical health?
- Q7: What are your options for health care coverage if you’ve lost your job?
- Q8: What are some tips for getting work in the midst of a pandemic?
- Q9: What are some industries that are still hiring in the midst of COVID-19?
- Q10: Any final tips on how to deal with unemployment?
Retweet these insights from our community:
A1. Unemployment insurance (or unemployment benefit as we say in the UK) is money that the government pay you when you’re unemployed. You’ll need to meet the right criteria and will usually have to be actively looking for work to be eligible. #CreditChat
— Steve Ash (@CommsBreakdown) May 27, 2020
A2 Filing for unemployment doesn’t directly impact your credit, but being late on bills might. If your income is cut off, make sure you call your creditors ahead of time to ask for late fees to be waived or try to negotiate an extension on your payments #CreditChat
— Emily Pandise (@emilypandise) May 27, 2020
A3: In a hardship plan, you still need to make timely payments. If you can’t, take action and call your issuer. If you’re drowning, call the @NFCC and ask for help. Don’t hesitate! #creditchat
— Beverly Harzog (@BeverlyHarzog) May 27, 2020
A4: Yes, you can be approved for credit without a job. Lenders take various factors into consideration before lending. You will be asked for your income on your application, but the lender will also take your credit score into consideration. #CreditChat https://t.co/9xqc2z7akN
— Forbes Advisor (@ForbesAdvisor) May 27, 2020
A5: Reach out to your creditors proactively. They may be able to help, especially in our unique situation today. #CreditChat
— Rod Griffin (@Rod_Griffin) May 27, 2020
A6a I spoke to financial therapist @mandaclay about this last month. She says that losing your job can be a lot like other losses – and we need friendship, support, and sometimes space to get through it. #CreditChat
— Emily Pandise (@emilypandise) May 27, 2020
Q7: Options 4 health care if you’ve lost your job? A7: Medicaid (if eligible), COBRA (expensive), or an ACA (Marketplace) plan. #creditchat
— Dr. Barbara O’Neill, CFP®, AFC® (@moneytalk1) May 27, 2020
A8: Networking is still a thing, even during a #pandemic. Don’t be afraid to use virtual tools like @zoom_us, @Google Hangouts or @Skype to catch up with old acquaintances or form new business relationships. #CreditChat https://t.co/8q92kS11Z7
— Paulina Likos (@Paulina_Likos) May 27, 2020
A9: Carrier / delivery services and essential businesses. Despite massive layoffs, there are consumer staple companies that are in demand of workers. #CreditChat
— Paulina Likos (@Paulina_Likos) May 27, 2020
Q10: Any final tips on how to deal with unemployment? #CreditChat pic.twitter.com/QlfgNLz5Fk
— Experian #StaySafe (@Experian) May 27, 2020