Hey there! I’m posting over at Debt Advice Blog today as part of a new series called Managing Debt with Kids. The first article looks at the challenges of making debt repayments whilst supporting a family. Here’s a snippet from the post below. Hope you head over to check it out!
Being in debt can be tough to deal with at the best of times. But what if you have a family to support and need to make some hefty debt repayments too?
On one hand, you need to make sure you’re putting enough food on the table and keeping a roof over your head. On the other hand, you need to keep your creditors happy by continuing to pay off your debt according to your credit agreement.
Getting the right balance is absolutely necessary yet can be hard to achieve. Read more…
5 Comments
Haley. Excellent advice and lots of great information in your post. I want to go one step further and suggest that if you have to choose between the well-being of your kids and paying off debt, that it might be time to repudiate your debt. Bankruptcy may seem like a drastic step, but at least in the USA it is a viable option. There is no moral stigma attached to it either. It is simply a business transaction allowed under the law. If your debt is really overwhelming, you should look into this option.
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Thanks Brad for heading over and reading it. 🙂 Bankruptcy is certainly an option and a realistic one here in the UK too. If you have kids and debt that is unmanageable than every option should be looked at in order to make sure your child’s well-being is put first.
I don’t have debt but I have a family to support. I am working for them. I should assure they have food to eat, and etc.
When you have children, they come first in every way, right? 🙂