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Best Debt Management Tricks and Credit Help for Single Moms!

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A single mother is likely to face a huge amount of debt in comparison to the two parent couples. They also face bankruptcy and poor credit scores. It has also been reported that the households of single mothers are prone to facing poverty. This is in comparison to a kid who has both his father and mother. Reports have revealed that almost 85% of the homes of single parents are headed by ladies. Similarly, almost 42% of them are in poverty. For various bills like housing payments, food, clothing, childcare etc. at the end of the month, the single mothers often find themselves with no cash. According to, almost 38% of the households in the United States have credit card debts.

If you are also in a similar situation, it is crucial that you seek the help of financial counseling programs. If the situation that you are in is not suitable, you can also embark upon the debt management plans. Online credit counseling is also a great idea for single mothers. If you are in a critical situation, you can also enroll yourself in the bankruptcy counseling sessions. Thus, you can decide if it is required to announce bankruptcy. The financial problems are serious issues, which are plaguing a number of single mothers. Most of the single mothers prefer taking a loan. But they do not have any idea as to how they can pay them back. A debt can be extremely stressful and can have a bad effect on both your kids as well as you.

Given below is a list of the things that you should take care of to make ideal choices with credit. Thus, you can manage the debt that you have, in a much better manner. These tips are going to be advantageous for both you and your kids.

Do Not Spend on Your Credit

It is extremely easy to fall prey to spending money aimlessly even when you are struggling to make ends meet. The credit cards have been designed in a manner so that you can carry a certain balance. However, you must keep in mind that the interest is going to accrue at the end of each payment cycle. This means that you will have to keep paying constantly for the purchases that are beyond your capacity. Also, you will have to spend more money as time passes.

If you see that you can help this situation, ensure that you pay for all the things in cash. This will prevent you from giving away more than what is present in your bank account. Eventually, you will get a nice feeling to understand where you spend your money at the end of every month.

Seeking Out Opportunities for Building Credit

It is true that it is one of the best ideas to pay cash whenever and wherever possible. But it is also crucial that you try and build the credit score that you have. It is reasonable to keep lines of credits available and paying the balance at the end of each month. This is also one of the best ways in which you can concentrate on building the credit score. Make a rule, to ensure that you are not spending excess money. This will be the money that you will not be able to clear within one cycle. This will help you in preventing the build-up of the rate of interest. Thus, it will keep the credit score perfect.

Do Not Take Out the Payday Loans

The worst possible financial move is taking out the payday loans for a short period. These loans have been designed for preying on single parents. They are known to have a huge amount of debt and need more money as fast as possible. Also, it is for them who do not have any other option especially when emergencies are popping up. These loans can cost you a lot of money in the future. Moreover, the predatory practices that are involved with these loans can haunt you for several years. You should never take a loan that is impossible for you to pay back. Ensure that the loans that you are taking out do not feature any predatory rates of interest. These rates of interest are inherent to the payday loans.

Negotiate as Much as You Can

It is true that you owe a lot of money to numerous creditors. However, this definitely does not mean that you will have to clear all the money at one go. You can call up the agencies to which you owe and try to negotiate a payment you can afford easily. Numerous companies are known to have programs. They benefit by working with single mothers and will permit you to reduce a certain portion of the total amount. Or, they can even postpone the payment dates. Few companies can also take realistic looks at the total money that you will be able to pay. They will be extremely happy to get a certain amount as opposed to nothing at all. There is no guarantee to the fact that the companies will be negotiating with you. Anyhow, it is not going to hurt you if you ask.

Do Not Ignore the Debt

Most of the single mothers tend to ignore the entire debt amount. Just because the creditors have stopped calling you or you have changed your location does not mean that you are free from all your debt. You cannot ignore the fact that the debt record that you have is following you. It is important that you stop being in denial and try to work on clearing your debt. You can opt for the various debt relief programs as well. To know in details about the debt relief programs, visit


It is not an easy task to handle the finances especially when you are a single mother. However, if you can follow the tips that have been mentioned above diligently, you can be assured that you will be able to build your credit score and clear all your debts within no time.


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