Problems underlying with single parent debt can lead to financial, physical as well as mental stress. Facing these issues needs careful planning and diligence so that you do not have to live with the trauma and money worries for your entire life. Start consulting with experts to seek help and to explore all available options. You will be able to find easy and effective ways to deal with the issues, the growing concerns, and higher household costs. You will not have to struggle running your home, raising your child and meeting all expenses even if you are the lone earning adult in the family.
The financial problems of single parents are even more compounded due to the reduction in benefits due to the welfare reform. Due to this phenomenon, the higher living cost of single parent families seems to be one of the less apparent manifestations. Add to that, the pay freezes and disposable income for families is also leading the single parents in a very tight and squeezing situation.
Struggling with your finance is never easy whether you are a single parent or not. There are so many things that you have to juggle with such as your job, parenting, social commitments, and monthly bills. Since you are solely responsible and do not have any other shoulder to lean on, you are the one that will determine the fate of your family and most importantly of your child.
However, the end result of a single parent is not insolvency or bankruptcy always. You can overcome this stressful financial situation even if you have any debt quickly and effectively.
The benefits factor
Single parents are having a single and low income source, are more vulnerable and often have to rely on benefits to manage their household costs. However, the effect of welfare reduction on single parents has made it more difficult for them to cope with the situation.
The reasons for such financial hardship are apparent and mostly self-explanatory, but it is also easy to understand the impact this has caused in the lives of single parents. They are on the lookout for the alternative, and easy source of money to keep up with the ever-growing cost of households and to take on debt seems to be the most obvious and easy alternative.
Consider all options
If you consider all available options, then you will see that consumer proposal can be a lot of help to deal with your financially uncertain situation. However, at this point you must also follow the steps below prior to availing such an option:
The professional will explain that bankruptcy is not the only option as making a consumer proposal is far better instead.
Consumer proposal process
You will be more comfortable with this proposal knowing the fact that the accumulated debt is your own.
A consumer proposal is a cheaper process than bankruptcy and will allow you to settle directly with the people you owe money to. You will breathe easy again with the relief that you will get from consumer proposal.
Look ahead and figure out
Consumer proposal will enable you to look forward to the future and figure out ways in which you can repay your debts and at the same time stay out of incurring any more of it. You will know how much it will cost you if you ever have to live without a job for a few months. You will see how you can cut the estimate and be as frugal as you can. This is the ultimate way to go if you want to achieve financial freedom.
Single parents are the most disadvantaged groups in the society for a long time and the myriad changes made in the welfare programs in recent years have added to their woes significantly. It has made their life more difficult but thanks to consumer proposal such difficult situations are not hard to handle anymore.
Therefore, it is best to take help and seek the advice of a professional as soon as you find that your debt is becoming a nagging issue to handle by you. No matter how severe are the problem and how bleak the future seems to be, consumer proposal can reduce stress and debt as well.