"Upside-down" Mortgages Cause Pain In The Labor Markets

Online, December 29, 2010 (Newswire.com) - President Obama has remained upbeat about the prospects of an economic recovery and increased job creation, contending that the stimulus bill passed during his first year in office is working, albeit slower than many would wish. Although better economic news can mean better prospects for those who are seeking new positions, many of the new positions will require an outlay of cash in the form of relocation costs. Many companies have scaled back programs that reimbursed new hires for such expenses, forcing applicants to finance their own expenses by using savings, getting personal loans or obtaining a personal line of credit.

While some analysts contend that the recession has already ended, a December survey of 46 economists predicted that unemployment will fall only 0.8 percentage point to an average of 9.2 percent in 2011. Since in many cases, spending money and stretching already tight budgets in order to achieve employment can be difficult, some job-seekers are turning to loans or personal line of credit options in order to finance their own version of the economic recovery. America One Unsecured would like you to know that a personal line of credit or even a small business loan of up to $250,000 may help.

"One of the hallmarks of America's labor market is a high level of mobility," said Joseph Stiglitz, a Nobel Prize-winning economist, in a Jan. 3 interview in Atlanta, where he was speaking to an economics conference. The willingness of workers to move has been a major factor in the job-market's recovery after the major recessions ending in March 1975 and November 1982. According to the Brookings Institution, that statistic has changed in the current recession, which began in 2007. Out-of-state moves, usually associated with job changes, remained at a record low 1.6 percent of the population for a second year. In order to meet financial needs, some job applicants have turned to options such as a personal line of credit. The total U.S. economy shrunk by 3.8% over the year ending June, 2009 and unemployment reached a 26-year high of 10.2% in October 2009 before dropping to 10% in November. The average rate of unemployment currently stands at 9.7% nationwide, according to recent estimates by the U.S. Department of Labor.

Pre-qualify for a personal line of credit of up to $250,000. Click here to learn more.