Here at FreeScore, we recently mentioned that more and more college students are now facing bankruptcies under the crushing weight of student loan debt. Many students are graduating with a whopping $25,000 in loan debt. And the bad news doesn’t stop there.
Now, long-term unemployment is complicating the situation for recent college graduates. Many are becoming prone to poor credit from deficient finances, leaving some asking, “Were those four years worth it?”
A recent Huffington Post Business article says that 35 percent of unemployed college graduates have been without a job for a year or longer. And, the long-term unemployment rate for those 25 and older is almost the same across the board—regardless of educational level. This can make keeping your credit score in check a difficult task.
If you’re one of the 35 percent of college graduates facing long-term unemployment then it’s time to get organized. Money Crashers gives some tips to help you survive unemployment, including cutting all non-essential items from your budget, reviewing and prioritizing your debt and foregoing credit cards to help pay expenses. They also recommend checking your credit accounts and reports often to monitor for any discrepancies that may affect your credit scores.
Knowing your credit scores can help you avoid unwanted surprises when you’re searching for your first post-graduation job. FreeScore provides consumers with access to credit scores from all three major credit bureaus: TransUnion, Experian and Equifax. Plus, you’ll have the benefit of 27/7 credit monitoring and automatic alerts so that you’ll always know of any changes to your credit reports, giving you peace of mind while you job hunt.


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