The Influence of Debt – How a Single Parent can Stay Out of it?


Parenting is one of the most challenging responsibilities. It’s definitely the best joy of life and definitely makes you complete as the person. But that said, you cannot really deny the high amount of responsibilities that comes with this relationship. Everything that you must provide the child needs for a healthy life, healthy upbringing, quality education, development of social skills and overall wellbeing of the brain and all. And the child will come up with requirement and demands from time to time for other things, including extracurricular activities excursions, picnics spots, games, tuitions, and many more things.

That means you will have to keep on providing through life until your kid grows and turns an adult and finally starts earning. And through these 14 to 20 year, you will have to be responsible, earn well, provide, and maintain a minimum economy and financial stability in the household. This may come from your job or business, self-employed workers, but must be good enough to keep you financially stable throughout.

The biggest hurdle in financial stability

The biggest hurdle in financial stability is debt. Whether you are clean at present or in debt, this is a must read for you, to understand why and how people go into debt, face hardships, and succumb to the pressure. And this happens very much in the case of single parents like you. Single parents have a lot more challenges before them than normal couples as a parent.

When you become a single parent

The hurdles of a single parent, which interferes with their financial stability are many. One becomes a single parent under a number of scenarios. This may be a compulsion or a choice. For those who choose to be one, it may be the situation when the lady chose to give birth outside wedlock and decided to work and earn and support. It may be the case that the parents decided to get separated and one of them took the custody or got the custody of the kid to support. It may also happen that you are financially stable and sound, and decide to adopt a baby to get along with life and stay happy. Sometimes single parenthood comes as a compulsion. The spouse’s death or some accident which renders the person incapable are also happenings. However, the most common reasons are death, separation, and divorce mainly. And all of these situations bring you under heavy financial pressure.

How do you get into debt?

Life gets tough with single parenthood. As you cannot disappoint the child and cannot cut expenses required in raising the child, and on the other hand, you must have enough savings for the bright future and higher education and other medical emergencies and all, and also must arrange for necessary household expenses and all, you simply have a tight budget. You have to plan and move within that, and seldom do you have room left for handling emergencies with any extra funds. Yet, emergencies do occur. Things really do turn out sour and out of control at times. And at those situations, the savior is an extra emergency fund. And when you don’t have that money, then the first thing that comes to your mind is borrowing.

You can borrow it from a family member, friend, colleague, or divorced spouse, etc. But that’s not always feasible. Sometimes the options are limited, and you have to turn towards either a credit card or a quick loan. The quick loan or payday loans do not come reasonable and are always expensive due to high-interest rates. But emergencies always take out the breath from a person, and one cannot afford to waste time hunting for loans and thinking. Yet with as much research as possible if you manage to take a loan and cope up, then the pressure is felt by you later. As the EMIs of the loan starts, you feel that you have another expense now. And if this thing again repeats later, and you have to take one or several loans, then you get into a serious financial burden and feel the pressure badly. More about debt situations and their solutions can be studied from helpful resources like

Credit score must be protected

You can only get a loan to get out of emergencies when you have a sound credit score which indicates your past record and creditworthiness before the lender. However, if you have never borrowed, or if you have missed several loan payments, then in both cases you are not creditworthy. The first case is not fatal, and you may get a loan at a higher interest rate. But the second case, where you are seen as a defaulter through your credit history is a problem situation which bars you from getting good loan offers with reasonable interest rates in the future, and you always have to compromise with high-interest rate loans, which adds more to the burden. Also, the chances of debt consolidation get minimal for a lowered credit score. Hence, your goal must be to maintain a healthy credit score through the career until your child becomes an adult, and you are relieved of the core financial responsibilities as the single parent. Here is Your Guide To Understanding Payday Loans online

To maintain a nice healthy credit score, here are some of the steps to follow:

  • Try to avoid loans in any form.
  • Try not to use credit cards. If you have any, then avoid carrying it and resist using it online or anywhere. You may also cancel the card.
  • Invest in creating emergency funds. Small investments each month also can create a good fund in some time.
  • If you have taken any loan or used the credit card, then never miss a payment, and pay back the minimum dues within the due date.
  • If you realize you are missing payments and cannot take the pressure, then before you miss too many payments and the thing starts reflecting on your credit history, get a debt consultation from a consultant and take smart steps like debt consolidation or settlement.


Taking care not to go into debt, maintaining an emergency fund, and protecting your credit score and reputation in case you go into debt are the simplest things to do to lead a financially healthy life as the single parent.

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