After the last exam has been taken and the excitement of the circumstance has died down, graduates are often left wondering, “what next?” For most graduates, the next step is securing employment. However, for the past few years the job market has been dismal due to the nation’s economic recession. This week the Labor Department has reported good news for 2014 graduates.
The Labor Department is reporting that job prospects are looking up for the first time since the start of the 2007 recession. At that time, the jobless rate among those aged 20 to 29 with four year degrees or advanced degrees was reported at 7.7 percent. In 2012, the jobless rate among graduates was reported at 13.3 percent. The new numbers for the unemployment rate for 2013 dropped to 10.9 percent. This is a small but hopeful victory for those looking to start their new careers.
Though the numbers are looking better, graduates from Kansas and other parts of the United States still face steep challenges. Even if a graduate lands a job after graduation, it is often difficult to repay student loans and credit card debt on small starting salaries. With so many graduates facing large financial hurdles at the start of their careers, it is difficult to plan for a home or a new car.
Though student loans cannot be discharged in bankruptcy, unsecured debt like credit cards may be discharged in bankruptcy. A chapter 7 bankruptcy filing can allow an individual to receive a fresh financial start. Individuals facing financial challenges may wish to speak with a bankruptcy professional and explore all their available options to secure a new beginning.
Source: www.kansascity.com, “College graduates’ job prospects improve somewhat,” Lewis W. Diuguid, April 23, 2014.