Tale of 2 Employees: How student loans and unsecured debt prevented a promotion

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by DuvalSanitarium

 

The end of 1st quarter has traditionally been the time for promotions in the professional services company where I work. We had a Director position open up and 2 qualified candidates applied for the position to be promoted from within. Compensation for the position started at $175,000 annually plus bonus. About a 100% raise for both candidates

Both candidates were great choices, but candidate A had the better client relationships and would’ve been the more charismatic of the two which is a trait greatly desired in a financial services, client facing organization. Part of the promotion to a Director level position is a more in-depth background check than happens on initial employment. There is also a credit check that goes along with this process.

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Candidate A was offered the position and HR put everything in motion. Long story short, the offer was rescinded from Candidate A and given to Candidate B who ultimately passed the background and credit check. What happened to Candidate A?

Well Candidate A is a close family member of mine who has about $50,000 in student loans, 1 bankruptcy, and $75,000 in unsecured credit card debt. The company would not disclose much other than he did not pass the credit check portion of the screening. Candidate B had a DUI on their record.

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Just goes to show how having your financial house in order is not only good for short-term health, but also long-term prosperity. An awesome door was closed on my family member due to a series of poor financial decisions made in his 20s.

 

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