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HOW TO MANAGE YOUR FINANCE IF YOU LOSE YOUR JOB DURING THE PANDEMIC 

Paying your bills can be stressful especially when it involves managing finance during the time of the Covid-19 Pandemic many are losing their jobs. When you are unemployed and have no source of income, but the different bills keep raising, one really becomes tense without debt consolidation.  We’ve listed out a few tips which any good credit counselling agencies in Canada can give you. These tips can help you to manage your finances if you have recently become unemployed. 

 

1. Filing for unemployment benefits

You can do this on your state’s website. This will help you to get some money in hand when you are finding your next job. 

2. Consult your creditors

Just make sure you contact them before you miss a single payment as it can negatively affect your payment history and credit score. Credit counselling could help lower your minimum payment or reduce the rate of interest considering your case individually. 

3. Revising your budget

You will need to cut some expenditures which are not necessary. Credit counselling agencies can help you to cut down your overall expense plan and also help you to manage debt well.

4. Upgrading your knowledge and skills

This time is very crucial for you to identify the areas where you are behind and need to strengthen. 

5. Identify trends or business picking up during this pandemic time 

Identify industries or businesses which have flourished in this pandemic and seek employment with the same. Industries like e-commerce, healthcare, insurance have seen tremendous growth in this time. 

6. Updating your resume and searching for jobs quicker

Customize your resume towards the type of jobs you need. LinkedIn and other professional job-seeking network profiles should be updated as well.

In conclusion

If you’re facing more debts compared to what you can handle on your own, another good tip can be that you can choose is to get help from a credit counselling agency. Credit Counselling can really guide you to save money and take steps to reduce your total debt in this pandemic time. Identifying the best debt consolidation strategy which can fit into your problem can be advised from these credit counselling companies. There are a good number of credit counselling agencies in cities such as Toronto, Mississauga, Brampton, Vaughan, Hamilton, Scarborough and other cities of Canada and they can be of help amidst the Pandemic.

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