If you’ve been only able to find temp work during the past year, you know how hard it can be to create a useful budget when your job could end at any minute. However, the temp job industry is doing quite well. According to a January 10, 2014, Investor’s Business Daily article entitled, “Staffing Firms Benefit From Temp Job Rise,” these firms are profiting from all of the companies that claim they’re still so worried about the economy that they prefer hiring temp workers over permanent hires. Sadly, this ongoing trend is creating havoc in many people’s lives, regardless of their income level. Here’s some additional information about this trend, as well as some general suggestions for managing your debts until more “permanent” jobs become available.
Even Forbes Has Weighed in on this Topic
In a not-so-cheerily titled article “Careers Are Dead: Welcome to Your Low-Wage, Temp Job Future,” writer J. Maureen Henderson minces few words. She says, “There’s mounting evidence that the American labor market may never return to its pre-recession composition. The future is already here and it brings with it low-wage temporary or contract work as a way of life.” While many of us have been reading this writing on the wall for several years, it’s always rather hard to read it stated in such direct, bold terms.
Furthermore, the Economic Policy Institute has said that almost 30% of American workers are expected to hold low-wage jobs – defined as earnings at or below the poverty line to support a family of four – by 2020. Far too many people are struggling with this dilemma, even those who took the time to obtain strong academic backgrounds. Ms. Henderson goes on to note that about 50% of today’s college graduates are now either underemployed or simply unemployed. Clearly, the challenges are here to stay. Here’s some advice to try and keep your costs down while trying to survive an economy that does little to cheer up the average working man or woman.
Important Ways to Minimize Debts While Continuing Your Search for Better Jobs
- Make sure you’re paying off the highest interest debts first. While it can be tempting to try and hurry to pay off a credit card with $3,000 debt on it that only charges a 12% annual interest rate, you should actually prioritize paying off a $2,100 debt with a 26% annual rate attached to it;
- Consider contacting a group like Money Management International. This consortium of non-profits makes every effort to help individuals bring their debts under control so they can live higher quality lives. Ask the local Better Business Bureau if there’s a non-profit debt counseling office in your area. These groups can often arrange lower monthly debt payments with all of your creditors and actually make the monthly payments for you -- based upon your regular financial deposits with them;
- If you can afford it, hire a financial planner. These individuals are trained to not only evaluate budgets but to also suggest whatever changes may be needed. They can also provide constructive criticism about how you’re handling debts so that you can more quickly create enough savings to begin making minimal investments to help “grow” your income.
If you believe that you’re a victim of any abusive debt collection practices, contact the Law Offices of Georgia consumer protection attorney Shane Smith so that you can learn more about your rights under federal and state consumer protection statutes. Call (770) 487-8999 today to schedule your free initial consultation.