debt trapParenthood in the 21st century is certainly not a cheap enterprise. In fact, the cost of raising a child in the UK is higher than ever. All in, the average cost of raising a child to the age of 21 in this UK amounts to a staggering £230,000. Therefore every parent (who isn’t lucky enough to be a millionaire) faces a difficult balancing act. Parents must ensure that their children have everything they need to be happy and healthy, yet they must also keep their credit in the black. Nationally speaking, our balance has never been more precarious.

As the soaring costs of raising a kid place more and more pressure on parents, particularly lone parents, than ever, it’s little wonder that increasing numbers of parents are finding themselves in worrying amounts of debt. It can be frustrating and upsetting as the bills pour in relentlessly and it can seem as though there’s no way out. Of course, frugality is important but pinching pennies can only get you so far. While getting out of debt is a marathon, not a sprint, it is a goal that you can help yourself work towards, month by month.

 

Box clever with credit cards

 

We’re conditioned to think of credit cards as inherently bad, but they can be extremely useful in dealing with unexpected costs. In the event of a leaky roof, a broken down kitchen appliance or grievous car trouble, they can be your lifeline. The trick is keeping up with the payments and being clever with interest rates. Banks and credit card companies will likely be tripping over themselves to lure you in with attractive introductory rates. There’s no reason not to take advantage of them, so long as you keep moving the debt to new cards when the special rates expire.

 

Consolidate your debts

 

Managing a host of debts, each with its own interest rate can make your head spin and cost you more money than you necessarily need to pay back. Keeping all of your debts in one ‘pot’ and paying it back with a consistent, affordable monthly repayment is a big step towards managing your debts and giving you peace of mind. Personal loans for debt consolidation are easy to come by and interest rates may well be more favourable than what you’re currently paying.

 

Make extra money… With apps!

 

If you’re making regular repayments to claw yourself out of debt then it can leave your income stretched for your other monthly expenses. While taking a second job may not be viable, there are quick and easy ways you can make a little side income while carrying out your usual daily activities by using apps. Next time you go shopping, take your phone with you and you’ll be amazed at how much you could make as a mystery shopper. Retailers value market research data and they’re usually more than willing to pay for it. There’s no reason you shouldn’t benefit from it by using an app like Field Agent which assigns you short tasks (each around 10 minutes) which you complete as part of your usual shop in exchange for credit.

 

Escaping The Parent Debt Trap
Tagged on:

Leave a Reply

Your email address will not be published. Required fields are marked *

CommentLuv badge