There is an alarming trend that is making life increasingly difficult for bankers who have lost their jobs. Many are going on six months of unemployment and in some cases even longer. Even prudent savers are running out of options, and many are turning to temporary professional positions. There is one catch, however. In an increasing number of cases, the protracted unemployment has led to stretching out bill payments, and even worse, and has impacted negatively on their credit ratings. Consequently some are being turned down from bank jobs, even temporary ones, because of poor credit scores. The banks’ philosophy is that if one cannot manage their own finances how can they be trusted in a bank to manage the finances of others, and employers are worried about insurance coverage if something should go wrong. It is a regrettable downward spiral and perhaps a time for banks to reevaluate their policies.
Tags: credit, credit score, jobs