Does Debt Review Effect Your Chances of Getting Employed?
Debt review/ debt counseling or any other debt solution offered to you may seem like a bad idea for your record. This is usually the first thought that enters the consumer’s mind.
Most people aren’t only worried about the fact that making use of a debt solution may negatively impact their credit record or their chances to obtain future credit, but they are also concerned with not being able to get a job should they be listed with the credit bureau.
Unfortunately for consumers, they are bound to be listed with the credit bureau, the moment they choose to proceed with the debt review process.
However, does being under debt review really impact your chances of getting a job or are consumers just being paranoid about their ‘under debt review’ status?
The Truth – Does Debt Review Impact Your Chances of Being Employed?
In South Africa, getting a job is no walk in the park. In fact, getting an interview is slim, but getting that job seems like a one in a million chance. That is because the current unemployment rate in South Africa is 27.2%, hence the fear consumers may experience.
Debt review, however, does not have any impact on your current job, nor any future employment opportunities you may come across or engage in.
Debt counseling is, on the contrary, accepted and supported by employers. Most employers view debt review as a means of solving your financial problems effectively, all while learning how to budget and manage your finances in a responsible manner.
Debt counseling is also considered a voluntary process. Taking the time to sign for it, places you in a positive light with employers. It means that you, as a consumer, are willing to pay back your debt and stay in line with the law.
By not addressing your debt problems, you are showing that you have a debt problem. You are also failing to take responsibility for all your actions. This is the only factor regarding debt, that could count against you when an employer is reviewing your employment application.