The Alberta government recently released their labour force statistics for March 2015 and the numbers were grim. With the unemployment rate up by 0.02 and the national rate staying steady at 6.8 percent, many consumers are worried about what is to come for the rest of the year.
How the Unemployment Rate Affects the Economy
According to the Alberta government, some areas in Canada have a high concentration of unemployment. Newfoundland and Labrador, for example, experienced a 13.3 percent unemployment rate for March 2015. British Columbia, on the other hand, encountered a 5.8 percent (which is a 0.02 percent improvement from last month).
The hardest hit areas are those that rely on oil patches to supply them with jobs—as we are seeing in Alberta. The decline in oil prices is enjoyed by consumers, but dreaded by those employed in the industry. Companies from around the world have had to cut their workforce by the hundreds and the entire country is struggling.
From a decline in the housing market to some cities seeing an increase in poverty levels, many residents are worried they will not be able to survive the rising unemployment.
Tips for Surviving in a Jobless Market
- Minimize Bills – Bills will not stop, even if your paycheck does. Try cutting back by reducing or changing your cellular phone plan, cancelling your unnecessary memberships, and even reducing your grocery expenses. If you have two cars in the family, consider transitioning to a single car until your income resumes.
- Tap Your Emergency Cash – If you have emergency cash, use that to cover necessary expenses instead of using credit cards.
- Start Looking for Jobs Outside of the City – If your city does not have any new jobs, it may be time to start looking elsewhere; even a few hours away from where you live.
- Avoid Job Scams – A lot of companies take advantage of unemployed consumers struggling to survive. Avoid companies offering job opportunities for a “fee” or anyone offering emergency cash loans; these often come with outrageous interest rates.
- Consider a Debt Consolidation Loan – If your monthly debt obligations are piling up, meet with a company specializing in credit counseling in Alberta. They may be able to consolidate debts and save you a few hundred each month.
The jobless market is becoming serious and unemployment rates may continue to rise. At Faber, we understand how difficult this time is for the citizens of Alberta and we want to help. Meet with one of our Faber Trustees in Alberta today for a free confidential consultation to discuss your options including, credit counselling, consolidation loans, consumer proposals and bankruptcy. Let our team of professionals work with you to help you manage your finances or even eliminate your debt during this difficult economic decline. Call us at 1.877.944.1177 for an appointment or contact us online.