Moonlighting is a ray of hope for debtors |
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Retail is the reality
Of course, not everyone has special skills. And in this down economy,
there may not be demand locally for your particular talent.
For many, the only chance to find extra income is to scour the landscape of businesses with openings nights and weekends, says James Greeley, director of career services at Merrimack College.
Hiring is down, he acknowledges. Still, there are
a number of businesses that have hours that need to be staffed, such as hospitals,
restaurants and retail stores, and determined workers have a good
chance of picking up a position.
Greeley thinks that potential hires shouldn't be afraid
to tell employers they are caught up in the credit crisis and
are highly motivated to get a second income to keep their home.
"Saying that you really need extra income to meet bills may strike
an employer like you are really motivated and will be willing to
come to work."
Determined debtors
Today, unprecedented numbers of people are facing acute debt, and
the idea of doing all you can to keep up with bills can be undermined
by rumors that it's smarter to simply leave bills unpaid or even
walk away from a home with a heavy mortgage.
"Since bankruptcy laws were reformed in 2005, many
people think bankruptcy is off the table and that they are justified
by walking away" from bills, observes Stuart Vyse, a Connecticut
College professor and author of "Going Broke: Why Americans Can't
Hold on to Their Money."
In reality, most debtors can still find considerable
relief by filing for bankruptcy, he says. Indeed, debt counselor
Viale says, bankruptcy is an option that's explored for people drowning
in unsustainable debt.
But those who can keep up, perhaps with a second income, may be better able to secure new terms from their credit card company, Viale adds.
"If you think you can just not pay your bills, you're not looking at the big picture," says Steven McCormick, president of First Centennial Mortgage in Aurora, Ill. "Your credit is going to take a hit, and you won't be able to get affordable credit in the future."
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