I was laid off from my Job about 2 weeks ago and everything that can go wrong is already underway. my car just stopped working some days ago and needs major repairs, my car insurance is also due. i am thinking of applying for 2 new credit cards to enable me stay current with the bills and get my car repaired but i have average credit, i do not know if i can get enough credit line. I just need a sense of direction and i know there is something you can tell me that will help that is why i reached out.
Tami
Hello Tami
So sorry to hear about this.
Depending on how long you worked with your previous employer, you may want to apply for unemployment benefits. That should help you out for a few weeks while you are searching for a job. (if you don't qualify due to location or time in employment, that is fine)
Also you need to contact the closest workforce solution to you and let them know you searching for a job. You might find an immediate opening
You need a job as soon as possible and you should spend a lot of time everyday looking for it. Also while searching for a Job, if you happen to have any skill that can be exchanged for money, begin advertising that skill set to friends, neighbors and on social media. This is the opportunity for you to think outside the box and become more creative.
Also you can go learn something new. A lot of times, government agencies sponsor a new skill set. I know about the state of Texas. You can research more about it and your area.
Your car is bad and i think you should cancel your insurance till you are able to fix the car. There is no reason to carry an auto insurance on a car that is not working. This might save you one month or more.
I understand how important the credit card is to you at this point in time. I will advice you do a little bit of research before making that choice. i do not really support you applying for credit cards because of the pattern i can see here. You are not very good with money. However if you must take new credit cards, look for those with 0% APR for over 15 months, Check the APR rate and also look for the lowest rate. you can check some credit unions. they offer low rates. This will make you pay off a few bills without accruing interest. However you need to get a job asap to be able to pay it off.
When you do finally get a job, you must change your financial lifestyle completely.
- You going broke just 2 weeks after a lay off shows that you never saved a penny while you were working and it doesn't matter if you were earning minimum wage, there is always an opportunity to save.
- Second you need to have a budget and get on it as soon as possible and live by that budget.
- you need to have a savings account and save for things like car maintenance, insurance etc.
- you need an emergency fund account for times like this. (you always have to be prepared for the unseen).
Do you know that having cash in the bank- a minimum of $1500 and having an emergency fund of at least 3 months of your expenses could have saved you of all the stress you going through?
It is never too late to start as long as you get started today. So please get things going already
The secret to getting ahead is getting started.
I hope you make a conscious effort starting today to get on a financial diet and change your lifestyle totally.
You can do it
Kind Regards
Adey
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