Ohio residents facing recession: Consider credit counseling services

Few and fortunate are those residents of Cleveland, Cincinnati, and Columbus for whom work layoffs do not destroy their financial situations. Some Ohio residents live paycheck-to-paycheck, and if unemployed, will see their credit histories take heavy hits. Perhaps this scenario describes you – perhaps you are employed now, but are living on tight means. Or, perhaps you are reading this article right now because you are unemployed and are scared for your financial and credit futures. In fact, if you've been unemployed for a while in Cleveland, Cincinnati, or Columbus, OH and can't make payments on your bills, it is highly likely that one or more debt collection agencies have called you.

Have you ever considered credit counseling services or online credit counseling with Advantage CCS? If not, perhaps it's time you do, whether you are already unemployed, or just want to be prepared. This article will tell you why.

Enrolling in credit counseling services, either online or in-office, should be your first plan of action. Advantage CCS offers free professional credit counseling services to Ohio residents just like you who are in financial trouble. These credit counseling sessions involve the following steps:

-First, you will discuss your income and debts owed with your credit counselor. During initial credit counseling sessions, you will usually wind up disclosing your complete financial situation to your counselor. This disclosure is important, because each person's financial situation is different, and different people might benefit from vastly varied approaches to credit and debt management.

-Secondly, you and your counselor will work out a debt management plan. This is an important part of credit counseling, because it arms you with solutions to tackle and reduce debts you might owe. This part of your credit counseling experience will likely require that you reduce your monthly expenses, acquire some source of income so that you can achieve financial solvency, and contact your creditors to alert them of your unemployment and subsequent change in financial status.

-Finally, you will begin to use the techniques you learned in credit counseling sessions to pay off your debts. This is the point in the credit counseling process where each individual's situation varies most greatly. Individuals who owe low or moderate amounts of debts -- or those who have some savings or other source of cash flow during a period of unemployment -- will usually find it easier to pay off debts than those individuals who owe large amounts of debt, or who have no positive income sources.

At Advantage CCS, we believe that all Ohio residents – whether they're in Dayton, Akron, Columbus, Cleveland, or Cincinnati – should prepare for the possibility of layoffs. As of March 2008, economists are predicting a recession, which many corporate and not-for-profit managers and CEOs deeply fear. The job climate of the past few years has been an applicant's market, according to Brazen Careerist Web master and author Penelope Trunk; however, in a recession, the job climate can rapidly turn into an employer's market. This means that the job market will tighten. It also means that some people will be laid off -- not because of poor performance or poor job fit, but because their companies can no longer afford to keep them on staff.

According to a March 2008 article from Yahoo Finance, it is essential that individuals now, more than ever, prepare for recession and layoffs. Yahoo recommends that prior to recession, you should make sure your resume is strong, and your professional network of contacts is robust. If you take these steps, and are subsequently laid off, it is more likely that you will be able to find work quickly.

It is telling that Yahoo Finance also recommends reducing your debts owed and concentrating on savings before you have to. If you prepare for hard financial times before they happen, you will be able to navigate a layoff with poise and greater ease. Credit counseling sessions or online credit counseling at Advantage CCS can provide you with the tools you need to navigate the stormiest of recession waters.