Thursday 6 July 2017

Bad Credit? It Needn't Impair Your Parenting


There’s no denying it. Being a parent is not only hard work, it’s incredibly tough on your finances. The cost of raising a child is officially higher than ever. A study last year found that average parents can expect to pay a grand total of £231,843 to raise a one year old to the age of twenty one. In a climate of wage repression, out of control inflation and longer than ever working hours it can feel like an uphill struggle to raise a child in the modern world.

As hard as we may work, it can be difficult to manage our finances effectively and save for the future the way our parents could. As a result many of us (especially lone parents) find ourselves racking up debt and damaging our credit score just to get by and provide for our children.

Before we know it, we’re leading a jam lifestyle and every single day is a new struggle to keep our heads above water. You might feel that bad credit is a weight around your ankle, dragging you further and further into the red.

Fortunately, this is not the case.

While there’s no way of predicting the everyday challenges that you’ll face as a parent, there’s no need to let bad credit needn’t stop you from overcoming them and ensuring that your kids have everything they need to be happy and healthy?

Get clever with credit cards

The very mention of credit cards might give you shivers but if you take the time to approach them strategically they can be a great way of managing life’s unexpected problems like a leaky washing roof or a broken window.

Those with less than brilliant credit might think a decent credit card is unattainable if your credit but many providers have products to suit those with credit troubles. Just make sure that you box clever and compare products before you commit and ensure that you are aware of the APR and can manage the monthly payments.

No need to go markdown with your mobile

The humble mobile phone is more than just a lifestyle accessory, it’s an essential tool in maintaining your peace of mind and a way of knowing that your child is safe and happy at all times. You might think that only the cheapest and most basic phones are within your reach if you have poor credit but you can check out to get your hands on the latest and greatest handsets and bundles.


Alleviate car trouble with car credit

A lot of busy parents simply can’t get by without a car, but if something goes wrong then it may be beyond your budget to repair so repairing may well be the most cost effective solution. The prospect of replacing our vehicle might seem impossible if you don’t have great credit. Fortunately, there are plenty of car finance providers who exist solely to flexible solutions to people in poor credit without a deposit. By being shrewd with interest rates and monthly repayments you can manage your finances more effectively without damaging your ability to be a parent.


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