Example Of Single Mothers Paying Off Credit Card And Student Loans In Less Than Year Using Debt Consolidation Loan

It is always easier to say this than done of repaying debt, especially if you are struggling as a single mom out there in the market. You are actually trying to balance the checkbook, while also paying for the soccer uniforms for your kids, household bills, and even trips to those much awaited summer camps! All the single moms out there have only one motive and that is to get rid of debt as fast as possible. Or, they might want to get into momentum of just paying the debt off to one point where it is also the second nature to add some extra money to the present credit card.

Finding out the amount you could snowball towards the debt you have:

Most of the time, the usual monthly bottom line or net income on an average after paying the bills, groceries and gas will come around $700. If you end up following the snowball method of Dave Ramsey, you can put each and every penny you have available to make way for the smaller debt first. But for experts, especially single moms, it is advised to go for the snowballing option, which is easy way to get into momentum of just paying off the debt. Once you pay a part of your debt, you can feel that sense of relief rushing through your whole body. You can head for the debt consolidation loans if you have taken money from multiple areas. Before that, you are asked to get hold of nice reviews to learn about the debt consolidation loan before using it.

In case, you are not that satisfied with the net amount, then look for the ways you can trim off the leisure bills, which can be cable, cell phone or internet. Moreover, you can start looking for side income or some of the better paying jobs. Single moms are always in the lookout for better jobs with higher salary packages to sustain a proper life for her kids and herself.

Sacrifice savings a little bit:

Paying the debt was way more important than plentiful of the emergency savings. Without putting $100 of $700 towards saving, you can start putting less in the saving section and applied that $100 to the debt solving option. How was it living life on edge. This step can be called a sacrifice for any reason. Fortunately, you will end up receiving financial benefits from children’s father than make saving for rainy day less or burden.

Saving and at the same time paying down the debt you actually owe can prove to be quite a headache. Unless you are making way with some pretty salary or running through strict financial discipline, one point might have to take priority over others for sure.

Freelancing for a site might help:

Whether you are planning to repay one loan or just dealing with the debt consolidation loans, you have to get some money out of your pocket on a monthly basis. For that, you need to earn some as well. If you have enough debt on your shoulder then a single job won’t work that great for you. So, going for the freelancing option right on the side can prove to be of some great help over here for sure.

Even if you are far from being poor, single moms always want to generate some extra income for the family. So, if you are one of such moms, then try taking your passion into account and start making some money out of it too. Even though you might not set the world on fire, you can easily earn some extra bucks of around $1500 on side by freelancing writing in a year. It is not too bad if you think about it well!
All you have to do is just pitch in some blogs that paid writers get for stories. In case, you are interesting in such works and know ways to work on it, then go for it. For that, you have to search for the “paid bloggers” option in Google and come up with the results. You are about to come across so many opportunities to write on multiple topics and get paid for that.

Make sure to get one debt at a time:

You might have so many debts to pick up from. Right from credit card to student loan, and there are so much more. During such instances, you have to pick up one debt at a time, and preferably go for the oldest one, which is the student loan, in this example. You have to turn into beast mode with the payment. The $100 you used to put in the savings will go for paying down the student loan, one at a time.

There is no need to make it a decision to pay only once every month. If you have that liberty and can invest $100 twice a month, go for it.
Within few months’ time, the student loan will go down to a certain amount, which will easily give you the momentum to attack some of the other debts right in the same manner.

Head for the best option:

If you think that you have enough debts and cannot just afford to pick each one up for the payment then try coagulating all under one platform. This is a proven and much popular method, which you can get under the name of debt consolidation loan. Here, you need to head towards the agencies or individuals dealing with these loans. Provide them with details regarding the lenders you are working with regarding the loan and the amount you have to cover. They will grab all the quotients under one platform, making it easier for you to cover all the payments without missing out any one of them for extra penalties later. The only thing is that debt consolidation is a longer procedure for you to follow.

Thank you,

Glenda, Charlie and David Cates