Unemployed - DEPLETED of all funds: 2 Credit Cards unpaid for first time ever!

[silverzgirl]

I feel for you. I had an MS and could not even find menial labor (you are considered a minimun wage flight risk. Even lying on applications did not help--still left me with a BS in a lucrative field.) I burned through everything before finally finding a job. For those who say take any job, well, that is not likely. I too have an engineering background...and was shot down by Pottery Barn for a cashier's job. I got hired as a PT cashier at Victoria's Secret right around the time I got hired for my current job. You cannot assume he is not trying for just any job....most will only hire those they see as long term.

I barely got back on my feet when I was hit with an emergency (elderly dog got seriously ill) that would mean no payments to creditors without help.

The first thing I did was call all of my outstanding creditors. Most were willing to lower finance charges or payments, or allow a skipped payment or two, or something. Alas, Citi and Bank of America two of three who refused to help out in the least. They said they could not help me until I missed payments; they cannot do anything for those who are current. Guess what? They can't help you after either.

So I bit the bullet and stopped paying them. I dropped from 750 to 581. Be prepared to hurt.

Citi will charge you off at the six month mark and will likely file suit. I got them into arbitration which was far more consumer friendly since it was found NAF was in bed with the collectors. JAMS worked in my favor but I will never get another Citi card again.

BoA sicced a lot of collectors on me, all who violated and all got sued. They sued me about a year and a half later, but I had already elected arbitration. Court ordered them into arbitration because the court had no jurisdiction once arb is on the table. They skulked off, and I got a 1099C a year and a half later. I am still paying for that...they are reporting full balance due, and I had to sic the CFPB on EQ and EX who refuse to investigate to my satisfaction (TU zeroed out the accounts with a copy of the 1099C.)

I have yet to break 700 four years later. However, I still managed to buy a home, and another car. Chipping away at my remaining debt, hoping to get rid of most of it (if not all) by year's end.

You have to do what is best, but I am of the opinion that family is first. Roof over head, transportation to and from work, and food on the table come before credit cards.

[Yortster]

I just stumbled upon your post. I too am an engineer (mechanical), I get calls almost daily from tech recruiters about job openings. I have rarely been unemployed for any length of time. I'm sure you know there is a shortage of engineers in this country and generally we are always in demand  - so that's why I'm puzzled as to why you can not find work? Are you willing to relocate? Unfortunately a long time ago it was clear to me that I would have to move a lot - and I have. Over the last 23 years I've moved over a dozen times all over the country, I even did a gig in the UK for awhile.

I agree with most people, keep trying to find work. IMO forget about flipping burgers, your chances are better getting a job that your qualified. I don't know what kind of engineer you are but you have skills that most people don't have. Use this to your advantage. Good Luck!

[coterotie]

Apart from the move to ND or TX ideas which are great. 

1) most states have an engineers to teachers program, you don't need a certificate, can take courses while you work as a teacher.  That's a salary, benefits and 3 months off a year to hunt for other work.

2) Rent out your house.  In most places, rentals are booming.  Let someone else worry about the note for a while.

3) Make sure you took advantage of good tax advice to get the penalties waived on your 401(k) distributions.

[steve23111]

For the OP:  I know it's way outside your background and pays about 1/3 of what you're used to... but it's something:  Might I suggest a cashier gig at a grocery store?  Here's why:  Prime networking opportunity.  Not with your co-workers, but your customers.  I've done it.  I've got friends who have done it.  And it's not a tough job at all.  You'll talk to dozens of people from all walks of life and all professional backgrounds all day, every day, and you'll never know who you are going to meet.

Wherever you end up, be up front with your prospective employer about the situation.  Be willing to commit to a minimum 8-12 months, even in a part-time role.  Places like grocery stores and other retail establishments are usually very flexible with schedules.  Let the employer know you need as many hours as you can get for now, and when you find something that's more in-line with your established line of work, you'll want to go part time but you don't plan to bail on them.  That makes them far less likely to rule you out as a potential hire:  it costs money to train you, and they need to see it's going to be worth the investment.

It sounds like you have already swallowed your pride and accepted that you need to take whatever you can get, and at this stage in the game it can be easy to walk in and let your desperation spill out all over the interview room, but don't.  Remain optimistic, and keep your head up.  Things are going to get better.

[lrdwilder]

There are so many posts here with valuable information that I'm not sure my suggestion would help but perhaps only a way to buy time. If you have any credit availible, perhaps a balance transfer? Some will offer you the ability to transfer for an initial period at close to 0%, and although you pay 2'is % that should ultimately reduce your monthly amount necessary and perhaps buy you a bit more time while searching for employment. 

I have a ton of sympathy for you and I will keep you in my thoughts for employement soon! I would suggest that perhaps you get up tomorrow, go to the cloesest place that even offers any type of employemnt, tell them you are a hard worker, dependable,  willing to do anything necessary, and will work for $2/hr less than anyone else. Its a strategy to get your foot in the door. To be blunt, at this point forget personal pride and dignaty, and focus on doing anything possible for employment. Go to the big office building and dressed in your nicest suit outisde hold a sign saying "I am a great worker with experience and a desire to work, and will do anything to get a job, any job...can you help me?"  It may sound silly but the New York Times just had an article about a people who have done this exact thing and been able to get  jobs, its creative and shows how dedicated and willing you are. 

Just a thought and the best of luck.