Being a parent is hard work, and that’s when you have a partner to help carry the weight of your shared responsibilities. Your task in raising your children only gets harder when you’re a single mom. Not only do you have to deal with earning less (as a gendered wage gap still affects what woman — most of whom are women of color — make), but it’s also difficult to focus on your own debt when you’re helping your children avoid it themselves. College tuition is expensive, and it can threaten to topple your already precarious financial footing. Debt is a very real problem fora number of single mothers. It only makes sense you do everything in your power to fix your finances quickly.
Embrace Chapter Eleven
The final resort: bankruptcy. Sometimes, filing for bankruptcy is the only feasible option; if you’ve accumulated a vulgar amount of debt that you can’t imagine paying off in the foreseeable future, it’s best to get rid of it as quickly as possible, lest you keep paying the minimum monthlyfee to no avail whatsoever. Indeed, paying ever-increasing minimums while interest rates continue to skyrocket is not only pointless, it’s counterproductive and adds unnecessary stress to your already hectic life. This is particularly true of people who are middle-aged and beyond.
Here are a few benefits of filing for bankruptcy:
– You have the freedom to restructure debts according to your needs
– It prevents debtors from processing their collections and repossessing your property
– There is a reasonable timeline for repayments
– You no longer have endless, unpayable debts waiting for you every step of your life’s journey
This is a big step. Bankruptcy will affect your credit rating for six to seven years, which will affect getting a loan, mortgage, or even securing a rental apartment. Speak with a financial advisor before you take this step. They may recommend other opportunities first.
Don’t Be Afraid to Borrow Money
When your finances are tied up with bills, you may not have the funds to cover urgent financial emergencies. A fender bender on the way to work could spell disaster for your family. When you aren’t prepared to take care of these expensive yet unavoidable bills and repairs, you can find an installment loan onlineto help. There is absolutely no shame in taking out advances to tend to a more pressing matter, such as a necessary repair on the car you drive to work each day. Installment loans from a direct lender like MoneyKey often a responsible way to supplement your paycheck, as they come with a more flexible repayment plan that’s more manageable with your limited funds. To see how they differ from the typical small dollar loan, visit Moneykey.com/installment-loans-online.php. If you don’t find answers to all your questions, they have a dedicated team of representatives available by phone or email to discuss your options.
Speak with Family or Friends
If borrowing isn’t in your future, seek solace from family or close friends. Depending on their financial situations, they could help you cover these unexpected repairs. Even if they can’t help with cash, they could provide emotional support during this stressful period in your life. It’s always good to have a strong support network assist you in your time of need. That’s what they’re there for, after all.
Just remember that there is nothing wrong with asking for help. Indeed, we are told that it’s our fault for being put in a precarious position, so many people believer that assistance is shameful. Too often does this prevent so many people from taking opportunities,out of fear of embarrassment. No matter how bad your debt may be, there are options — even as a single mom.