Parenting is a difficult task is it for a nuclear family or for a single mother or single father. In fact, when you are a single parent trying to raise the child on your own, you may find that even more challenging because not only that you have to earn the bread for your family without any aid from others but also rear the child in a healthy environment. Single parents by choice or due to the situation are a secondary factor when you have to cope up with the problems of finance that are associated with it. Being a single parent can be emotionally draining, and hence it is all the more critical that you have the strength to bear with it and carry on with life. This is particularly the fact for single parents by circumstances like divorce, or child out of wedlock.
Finance management and its troubles
The finance is one of the significant factors that you need to worry about as a single parent. There are many other factors too, but this is a significant concern since your life sustenance depends to a large extent on your finance. The trouble of debt is always looming on you when you are not that calculative financially or if your income is not up to the mark that is essential to bear a child’s expenses and future planning. Debt lawyers often witness that the majority of their clients who come for debt settlement are a single parent with a moderate income and usually have incurred the debt with mismanagement of their budget. Here we are going to share tips which would help you avoid such situation and also improve your credit score so that you have a better chance of getting debt settlements as and when required.
Avoid taking payday loans
Short term payday loans can seem attractive offers when you have a shortage of money, but they are harmful in the long run. For starters, the interest rate for such loans is way higher than usual, and they are bad for your credit points. This can later cause trouble when you are seeking debt settlement for any reason. The loans are available very quickly but are designed to majorly prey on people with a need for money in an emergency and would lead to quick bankruptcy and it is more difficult to settle the payday loans that you have for their various terms and conditions. They are usually non-negotiable. As a single parent, it is always better to avoid such debts which can lead to long-term damage to your finance as well as mental peace. Do ensure that you do not take out loans which are coherent with the interest rates of payday loans as they are likely to have the same effect on your financial condition as the payday loans.
Do not ignore the debt
Try and ensure that you are up to date with paying off any kind of debt that you have incurred. More importantly, do not ignore the debts and leave them off for later. If you have the money to pay them now then does it right itself at the moment and do not wait till it is leading you the verge of bankruptcy. Also if you have stalled a debt for a long time and felt it is off your record you are wrong, and in the later times when you are applying for a loan in an emergency, the due loans would be shown on your records, and that can lead to trouble with getting the amount you need. If the need is really genuine even then availing a loan would become troublesome. For single mothers, such outstanding loans can often lead to trouble even when try are in need of medical loans as these outstanding dues taint their credit history. In case of such a debt, or can consult the debt settlement lawyers about the best step that you can take to make sure that your loan is nullified or it can be negotiated with the creditors but avoiding the phone calls and trying any unfair means to ignore the debt would add in a negative way to your reputation and credit score.
Try and negotiate
If you are genuinely concerned about how to pay off the debt and the crisis that you have as a single mother in terms of your finance is genuine, then rest assured that you would be able to come to certain positive conclusions through negotiating with the debt lawyers and with the creditors. Your debt lawyer can negotiate on your behalf with your creditors and would know the right solution to the debt situation that you have. They would be able to come up with a neutral solution that would be convenient for you as well as the creditors like buying you more time or trying to waive a significant amount from the total sum that you have to pay them. This would be possible when your credit history is clean, and hence it is crucial that you plan your loans and debts well keeping the future in mind. This is something that many single parents fail at but is vital since your future also involves the future of your child.
Do not stop living your life
Just because you have a debt to handle, does not mean that you have to cut out all the fun and entertainment in your life as it can have a negative effect on the child as well as on you. Debt is a very delicate financial situation, and it can be traumatizing but spending quality time with the child would not only help your child but would also divert you from the reality of the debt issues that you have to handle. It can be concluded that with right planning and awareness of debt management, you can handle a debt situation ad if needed there is always a certain amount of professional help available for you.
You can check out the other blogs written to educate single mothers about loan repayment and debt settlements.