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Different Debt Consolidation Options Can Put Single Parents Out Of Debts

>> Oct 15, 2018

It is a common notion, which is also very much wrong, that single parents always carry debts that are mostly unmanageable. Well, it is true that they are very much vulnerable to fall into the debt trap, but the idea of being in debt trap always is entirely wrong and in a way detrimental for single parents.

It takes two to, well run a family apart from tango, but that does not mean you cannot raise children as a single parent. All you need is a little bit of planning, be calculative with your income and expenditure and consider all available options if you ever have to take on any debt.
Simple as it may sound, it is not easy, and this is where the single parents are found lacking resulting in finding them in a deep, dark debt hole. So, the question is if you have any debt, then how can you be debt free being the single adult earning member of the family? The simple answer to this is debt consolidation, of course after thinking over it for a long time.

Consequences of debt

Debt can have dire consequences if not managed properly. It will make your life tough and as a single parent, dealing with any outstanding loan can be extremely challenging.

You will face a larger scale and set of issues as compared to an average borrower as you will have to manage your job, children, daily chores and other responsibilities single-handedly most of the times.

If you have multiple small loans in the market you will have to face enormous monthly payments which are why consolidating all these debts seems to be a better and more reasonable alternative. Surely it is much better than filing for bankruptcy which will certainly affect your credit score and report adversely.

Considering the best option

You can meet and consult with several professional service providers in debt consolidation and may also visit relevant websites for assistance, ideas and guidance. They will suggest you easy remedies to the issues and ways in which you can become debt free in quick time. Here is what they will say about debt consolidation and other options:
            Debt consolidation is perhaps the best assistance for single parents. Since you will have lesser free time and disposable income, you will be worried about your kids, their education, daily expenses, health, and other factors. You will also have to face issues in dating or divorce and lots of other issues. All these odds will cat against you, and you will not be able to overcome these issues alone easily. When you consolidate all your outstanding balances, you will be able to pay the monthly bills which will be much lower having taken a single loan at probably a lower rate of interest.
            There are a lot of other options available for single parents to get out of debt. A very good example is the government assistance that will help you in this deep struggle. The government often lends their hand, ready to assist single parents with their different programs offered from time to time to provide debt relief. Check out with Nationaldebtrelief.com or others to know about such programs and gather adequate information to make the right choice and the eligibility criteria for each.
            A personal loan is another way to consolidate all your debts. Ideally, this is the first thought that comes to the minds of single parents as well as any other borrower. The most significant advantage of taking on a personal loan is that you can pay a lower monthly installment at a lower rate of interest. This is a great option to clear off debts that carry a higher rate of benefits. Moreover, considering the financial condition of single parents, acquiring a personal loan seems to be the most affordable option. However, all will depend on your creditworthiness whether or not you will find a lender to avail such a loan.
            Credit card consolidation is another useful option to get rid of multiple debts by the single parents. Just as an ordinary debt consolidation loan, this will combine all of your higher interest rate debts into one. The credit card that carries the lowest interest rate will be used for this. However, there are a few specific rules and regulations for credit card consolidation that may be a bit problematic for you to comply with. You must make sure that there are no added fees or charges when you make the transfer.
            Working out the most effective ways by consulting a debt settlement relief firm is another feasible decision to get rid of your debt. With their expert assistance, they will make the proper and precise calculation, formulate a debt management program and consolidate all your debts into one single loan. They will then settle your debts with your creditors. You will not have to worry about your credit score and rating when you work with such a debt relief firm which is probably the best part of it. Just make sure that the debt relief firm has proper credentials and is accredited to make sure that you can trust them.
            There are several bankruptcy assistance programs offered by the government that you may also avail. These programs come with a lot of amazing benefits that will help you to clear your debts as well. A very good example of such help from the government is child support. This kind of assistance is very helpful to enforce child custody and complete law and order. However, the rules and factors of such assistance programs may vary from one county to another or state-to-state. Knowing that your children will get whatever they deserve, this assistance programs will provide you with more space to focus on your other jobs.
            There are also other assistance programs apart from this such as families first that includes health care, food stamps, regular checks of money so that you meet the minimum earning standard for the family and much more.

Therefore, consider all your options to manage your finances in the right manner.

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Welcome to my blog. I'm a home maker, a stay at home wife. I'm just an ordinary woman who has interest in reading, working at home and learning to write. We live in Bogor, Indonesia.
This blog contains articles in family topic.
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