Bear. Able.
The current market has its challenges, but TCU is rallying behind our members to provide the knowledge, resources and services to help keep your finances in check.
The web is the universal marketplace. A boundless "help-wanted" column. Even while headlines talk unemployment, countless jobs are begging for your attention at thousands of web sites. A good job may be just a few mouse-clicks away, but as with anything Internet, you have to know what you are doing. You can waste a lot of time or get taken by costly scams.
If you need a job, you can get help from several types of web sites:
Most people probably start searching at the career sites. At most sites, you can search for jobs by city, region, industry, profession, and sometimes by individual company.
The biggest commercial site, monster.com, lists thousands of jobs each day.
When you search for jobs at CareerBuilder, another large site, you can specify "freshness" so you only will see listings posted within three, seven, or 30 days. But how good are the search engines? Maybe not so great.
Searching for jobs is one way to use the career web sites. A second way is to post your resume so employers can search them and find you. A resume that is posted must contain the keywords that interested employers will search for.
Posting your resume generally is free, after you open a free account at a career site.
Don't forget to keep notes on whom you contact and on the substance of each contact. A separate mailbox in your e-mail program and a separate set of bookmarks in your web browser will help document your searches.
When searching for a job on the Web, don't ignore the "nonwired" world. A lot of jobs never hit the Web. If that's the only place you look, you could miss the perfect job.
Nationally, nearly 121,200 credit union members filed for bankruptcy in 2006, according to CUNA and the National Credit Union Administration. Those members cost credit unions an approximate $640 million in losses. Those losses require affected credit unions to charge more for loans and pay less on savings for other members. And money isn't bankruptcy's only casualty.
Bankruptcy's after effects can be long term and devastating. It mars a debtor's credit record. It causes the debtor loss of property and the right to some financial services. But that's not all. Some people who filed bankruptcy now can't get a mortgage and are stuck paying rent for an apartment. Others have trouble finding jobs because some employers run credit reports on prospective applicants.
One of the biggest things most people going through bankruptcy fail to realize is that, with the help of their credit union, they may have avoided bankruptcy.
The first step to better finances is to work with your credit union and your creditors to pay off your debts, say advisers at the National Foundation for Credit Counseling (NFCC), a nonprofit organization serving more than 1,300 Consumer Credit Counseling Services nationwide that offer free or low-cost financial counseling and education.
NFCC suggests you call the credit manager, merchant or lender and explain why you're having trouble keeping up with payments. A job loss, illness or other family emergency can create temporary financial difficulties.
Most creditors will work with you because the alternatives (repossessions, foreclosures and lawsuits) are expensive.
Your next step is to discuss future financial prospects with your credit union and work out a debt repayment plan. And remember to stay in contact with your credit union and your creditors until you resolve your financial problems.
Companies trying to make it through tough economic times sometimes cut jobs. If you think a pink slip may be on its way, there are things you can do while you still have a job and within the first few days of a layoff to make a period of unemployment more manageable.
If you're still working, beef up your emergency fund so that it carries you through several months of missed paychecks. Pay off debt, if possible.
And, if you don't already have a home equity line of credit, consider opening one at TCU to use only in an emergency. Talk to one of our Member Service Representatives for guidance.
If you lose your job and you can see your resources will not be enough to cover all your essential expenses, you need to set priorities. Keeping up with your rent or mortgage payments should be your top priority. Car payments, basic utilities, food and essential insurance coverage come next. Make at least the minimum monthly payments on credit cards, if possible.
As soon as you get laid off, file for unemployment benefits; it can take a few weeks before your first check arrives.
Review your severance or separation package, making sure you understand what's being offered and what paperwork you might have to fill out. You also should determine if you believe the package is fair and gauge if there's room for negotiation.
While you may not have control over what happens to your job, you do have control over how you prepare for and manage a layoff.
If you think you might be facing a layoff, talk to a professional at TCU. We can help keep your finances in order during this difficult time. It's never too late to ask for help.
As many sectors of the economy struggle, credit union members may find their families affected by layoffs. If you see a layoff in your future, or have already received a pink slip, let the people at TCU lend a hand. Unlike other financial institutions, your credit union is a not-for-profit, member-owned cooperative. That means your financial health is our primary concern.
Some things you can do, perhaps with help from your employer's human resources department:
If you're one of the many Americans directly affected by an economic downturn, call on us for help. We'll help you take a look at your budget and review your debt situation.
And remember: When things get tough, TCU is here to help.
Whether you're downsized, laid off, or just plain fired, losing your job is a traumatic event. The following tips can help you stretch your budget and your benefits to cover family needs until you find another job.
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