Credit Card Debt Management Tips For Single Parents Shared By National Debt Relief
Des Moines, IA (PRWEB) June 25, 2017 -- Credit card debt has become a big problem for a lot of consumers especially for single parents that is why National Debt Relief shares some tips to manage it with a recently published article. The material released May 15, 2017 and titled “8 Tips For Single Parents Struggling With Credit Card Debt” aims to give single parents valuable insight on how to handle credit card debt in their budget.
The article starts of by pointing out that consumer debt in the US has reached levels at par with that prior to the 2008 financial crisis. A lot of this has to do with income growth having a hard time catching up with the steadily increasing cost of living. This has led a lot of single parents to rely on credit cards as they are quite easy to obtain in the last couple of years. When there is not enough money to make ends meet, many single parents turn to credit cards to get through the month. As soon as the statement comes at the end of the month, debt starts to pile up.
The article explains that single parents need to put together a realistic budget as a way to combat credit card debt. There are instances that people just try to see what extra they have at the end of the month for payments. It is important to do it the other way around - budget first before using the credit card.
As soon as the bills arrive, the article underscores the importance of paying them on time all the time. Making it a habit to pay bills on time helps prevent lenders from adding on fees and penalties on succeeding billing statements. It also improves the credit score of single parents which will help them along the way in getting favorable financial options.
Increasing income is another way single parents can manage their credit card debts better. This is why the article explains the benefits of getting a second job for single parents. As the income increases, it is critical for single parents to have a spending plan and budget as well as credit card debt repayment plan. As this is emotionally and physically draining, it is best to take full advantage of the funds that are coming in.
To read the full article, click https://www.nationaldebtrelief.com/tips-single-parents-struggling-credit-card-debt/
Paul Ritz, National Debt Relief, http://www.nationaldebtrelief.com/, +1 888-703-4948, [email protected]
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