Single Parent and Debt Consolidation
Debt consolidation loans are the loans used to consolidate all the debts that you might have, in one single payment. There has been a sharp rise in the takers of debt consolidation loans along with the increasing number of specialized lenders.
Debt consolidation loans are a great option for single parents. There can be many mishaps in a person's family that may lead to bad credit, such as a divorce or loss of a loved one. Things like these affect your credit directly or indirectly.
An average American has about 11 credit cards and other debts to pay off. The timings of all the bills are different. At times, it becomes difficult to keep track of all them. There are times when one might miss out on the payments for any of these, especially, if you have to manage your home, your child, or children, and your job. Things are tougher for single parents. There are different kinds of debt consolidation loans that you can avail to suit your needs.
People are moving fast into debt and it is difficult to resist another attractive loan offer. Debt consolidation loans offer a solution to your problem of debt. Let us take an example; suppose you have an average of 10 credit cards and 3 loans. The average interest that you pay on your total debt comes to around 20%. If you miss out on any of the payments for these, the default interest rate may go up to 23%. Despite making such high payments on your debt, you still cannot save enough to improve your debt. There are chances that you might still forget about any of your payments.
The way out for you is to apply for debt consolidation loans. The procedure for application of debt consolidation is very simple. You need to look for a reputed lender, online or offline. Once you understand all the terms and conditions of the loan, you can fill out an application form and wait for the response. Once your loan gets approved, you can easily use the amount to pay off your existing debt and pay off the loan in single monthly payments, rather than keeping track of all your credit cards and loans.
If you are a single parent, you will have problems in managing your time and funds. A single parent has to juggle with the responsibilities at home, with children, in the office, and many others. It becomes extremely difficult for single parents to take a good look at their financial matters. You could have hardly found the time for managing your finances. Taking up debt consolidation loans are a way out.
In this case, all your credit cards and loans are merged in one big loan and are paid off with the help of the debt consolidation loans. Once all your other debts are paid off through the debt consolidation loan, you can easily concentrate on paying off just one loan for a longer time-duration with lower monthly payments.
Debt consolidation loans can be very advantageous for single parents where they can save up on their time by just paying off one bill, save up money on the interest rates, and concentrate more on the other activities by improving their credit situation.
Debt consolidation loans can also avoid bankruptcy and give support to your decreasing credit score. You can model your monthly budget according to your debt payments.
The best and the most convenient place to find debt consolidation loans is the Internet. You can easily find a good dealer and fill out the application for the loan. You would either get a response from the site right after a few seconds of filling out the application, or you'll receive a response by mail.
Debt consolidation loans have become very popular among the single parents who want to look ahead to shed their financial hardships, and hope to move ahead with life debt-free.