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You've likely heard about the high number of Americans who are currently unemployed. You may even be among their statistics. But are you familiar with another growing class of workers called the "underemployed"?
For example, is your grocery store cashier really a certified teacher or mechanic? Is the receptionist at your office moonlighting as a bartender because your company only gave her part-time hours when she wanted more? Is your daughter working three jobs because she can't find full-time employment in the art world after earning an expensive college degree in that field?
These cases may seem extreme, but they are, in fact, the reality facing today's underemployed workers who struggle to manage expenses and who are often defined as:
So where are the hardest hit areas? According to a February 2012 Gallup poll, workers in Florida, California, Michigan, Mississippi and Nevada face underemployment rates of 21% and higher. That means that 1 out of every 5 people is underemployed in these states.
Now, admittedly, some people desire underemployment. Think of a ladder-climbing career executive who chooses to stay home with her newborn and work part-time only. However, what about underemployed people who don't want to be underemployed - especially if they face mounting debt? What can they do to improve their situations?
If you find yourself underemployed, and you don't want to be, here are a few tips on how to manage this difficult time in your life:
For more advice on how to manage expenses and work off debt while underemployed, click on these budget planning and cost-cutting tips.
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Jenny Realo is the Chief Product Officer for CareOne Services, Inc. In our A Straight Talk on Debt blog, Jenny provides her insights and updates based on her 20+ years of experience in the financial service industry. Jenny is dedicated consumer advocate and places much of her focus on consumer protections in relation to creditor and industry regulatory changes.
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This is a great blog. It is getting tough out there. I see so many people that are frustrated and feel stuck. You have given some great ideas to help them out. Thank you for sharing!