Rising Jobless Rate May Lead To Poor Credit Situations

In fact, we are living in two big different classes of standard in relation to wealth, poor and rich. If part of the people are talking about they are heading towards cash shortfall then another part is unaware of any situation in which they ever felt their dream have any difference with the reality. Anyway, it all depends on the availability of wealth, power, inheritance, opportunity and luck.

Moreover, in between two extreme wealth-based classes from poor to rich, there is always one more class which automatically build-up and its size depend on our education and experiences but it may have a bigger size than other two and it is known as middle class. These are over-sensitive, law binding and very careful people and every bad or good happening directly affects their behaviour, this makes our society extra sensitive to make stories and news on it on daily bases like we are all going through today’s financially critical time that has frozen down the majority of our investments which don’t affect any physical profit or loss but mostly this kind of people mentally feeling benefits and losses.

Today’s news which mostly taking everyone’s attraction in Canada is about the threat of being jobless, it’s been a critical point because this factor initiates our basic livings. For most of the people with whom I met in the last few weeks no one was jobless but was having threat being one. How this kind of thinking makes some productive decisions which could make our economists to the point where they can’t even get the answer with such an economic downturn to compare with the productivity. I will disclose it at the bottom of the article.

Canada’s unemployment rate is expected to be in the range of 7 percent-plus in May although in April it rose to 7.5 percent, from the 7.3 percent seen in March. Economists say about 55,000 jobs were likely lost in the first quarter, but some say the damage could be double that number. Moreover, according to Statistics Canada first three months of 2009 saw the steepest economic decline since the Second World War; economists also believe that it will be improved in the second quarter. Is not it confusing on one side we are breaking a record and comparing it with world war II and on another side, we expect an aggressive change? Although it will recover soon it will take a little time to come back to where it was before in the good economic time and then we can expect further record breaking positive changes which could compare with the world.

You can say that year 2008 to 2010 period is record-breaking years in which we have expected to lose so much in a short span of time, which took a long way to build. Consumers will be facing problems with their reinvestment while increasing household debt, bad credit situations and as well, the ratio of individual debt to personal disposable income will rise in both years, implying more borrowing or less money to pay the interest and the principle.

Canadians will declare a substantial increase in consumer insolvencies and personal bankruptcy over the next two years in record numbers, economists said that as many as 160,000 people will walk away from their bills because of high unemployment and too much existing debt. That means the current individual bankruptcy rate of 4.3 per 1,000 people already four times as high as the one per 1,000 level in the 1980s will grow to a peak rate of almost six debt filings per 1,000 people this year and into 2010.

There is no doubt; this kind of financial atmosphere will be expecting to deliver more and more shocking news and reports from multiple resources, beside these all critical things one should not forget you are not being alone with the financial problems but you are offered substantial relief from the government financing programs and other private offers that you have to make an eye on it, moreover, you are already offered a substantial up size unemployment relief in the last budget.

Anyway, it’s going on all over the globe and we are still lucky because we are part of developed nations where we could get a single equation to solve the problem. What time is asking to do, is to adopt a way in which you could improve your value and believe me what we are losing today we could get more than that in tomorrow when it all will get to normal. Improve your skills and knowledge and the best way is to get further education, and if it’s offered in some reduced, discounted and grant form of offering then its good in less we could get more. Although this offering will not benefit all of us then at least there could be one person in our household that could benefit from this program.

Canada Study Grant is offered for students from low-income families and high-need part-time students! This grant is available to first-time students enrolled in their first year at any designated post-secondary educational institution, in at least a two-year program that leads to a certificate, diploma or degree. It covers one-half of tuition costs, up to a maximum of $3,000. Canada Study Grants do not have to be repaid but are considered taxable income. Eligibility is automatically considered when you apply for a full-time student loan; you do not need to complete any other paperwork to apply. If you are a resident of Nunavut, the Northwest Territories or Quebec, contact your Student Assistance Office for information about the financial assistance programs, grants, or bursaries for which you are eligible.

Moreover, the rising jobless rate doesn’t seem to be affected the immigration policy. This year’s target continues to stand without any change at 265,000 new permanent residents includes up to 156,600 immigrants in the economic category, 71,000 in the family category and 37,400 in the humanitarian category. This openly states that we are still in need of some more demanding career and skill. According to Immigration Minister Jason Kenney who made clear his preference is to stick with the target, calling new immigrants the “fuel” of the economy, once it turns around. And if you have the ability to fulfill the demand required then you would be an ideal and more economic alternate.

Indeed it has become difficult to manage our personal finances efficiently, we have become so much confused to adjust our credit cards and personal loan payments and we don’t afford another loan to adjust these in such an unpredictable situation. We are also stuck in a situation either it’s feasible to adopt a debt consolidation and or debt settlement because we all have different kinds of problems and situations. Anyways, a most favourite thing which market is showing up even in presence of massive output fall-off is adopting a productive approach while getting a productive credit like a mortgage. This is a more sensible choice, which reflects from the latest housing report from Canada Mortgage and Housing Corporation that showed starts surprisingly rose by 13.7 percent in March over the previous month. Availability of Low-interest rates along with the lower prices for real estate definitely a solid factor to slid this up but it is also pointing towards the general people’s commitments to improve quality of life as a unit that will when combine with the economical development at whole will result in improving conditions for all.

University of Maryland economist Peter Morici says “the United States is headed for a depression, adding that whichever way the U.S. goes, Canada is sure to follow.”
If I believe Peter then I can have at least the Viagra’s free for the whole year in Canada! Pfizer, the world’s biggest drug-maker offers a prescription program in providing more than 70 of its prescription drugs at no cost to unemployed people in America who have lost their jobs and health insurance keep taking their Pfizer medications such as Lipitor — for free, and for up to a year. Will this Pfizer is extending its offer to the Canadian market that will benefit peoples without work?.. 🙂

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