Best Debt Consolidation Assistance For Single Mothers
Compared to an average individual, single moms are facing a larger scale of problems. They have lesser free time, lesser disposable income, worries about the kids, dating scene troubles, problems related to divorce and a lot more. Against all odds single moms will try to overcome these problems, especially financial issues out of the love for their kids.
If a single mom is in a lot of debt, the perfect option for her is to consolidate all her balances and pay monthly on a single loan until she is debt-free. Debt consolidation is the best way to overcome debt. There are a lot of options available for a single mom through whom they can get help and aid. A good example is the government assistance. It is a great way for separated mothers that are in a deep struggle.
As mentioned above, single mothers are carrying tons of burdens. These hard situations could be very hard for them to handle it on their own. And for these tough situations, the government is lending a hand and is pretty much available to assist them. The government has a lot of assistance options to be offered for them. Here, you can get some useful information on how to deal with a very difficult situation and debt consolidation, plus you will also get some ideas regarding other government assistance that you may avail if you are eligible.
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Consolidate Your Debts
• Personal loan – When talking about consolidated debts, the first thing that comes to people’s mind is a personal loan. This type of loan can be paid monthly with low interest rates. This is a perfect option and very ideal for you to pay off your other high interest rate debts. Because of the monthly smaller amount payments, this type of loan is very affordable and a very perfect strategy. However, the challenge is where to look for one.
If your credit worthiness is not that good, the hunt for a lending institution that will lend you money is really tough. Especially if you have a credit card with remaining balances that have reached already your credit limits. If that would be the case, qualifying for a new credit is really difficult. The government has also assistance that can be of help if you are eligible. So, might as well, check their site to know the qualifications.
If you were able to get a bad credit personal loan with a fix monthly repayment method, that would be very well, that would be your chance to liquidate all your remaining debts until you find yourself debt free. Before you apply for a personal loan, make sure first that you check-out your current credit scores for you to be able to see where you really stand. Applying for loans which you cannot qualify is a waste of time and effort. In addition to that, it is good to know and to identify the possible loan choices that you might have by knowing your credit scores. If you will find and get a personal loan with lower interest rate the better, plus the advisable repayment time frame will allow you to pay back the said loan in 2 to 5 years.
• Credit-card consolidation - Just like a personal loan, this option is very good as well. A low interest rate credit card or a 0% balance-transfer is also a better way to consolidate higher interest rate debt. However you need to make sure of the terms and condition that may apply. Some company may charge a fee for the credit transfer which is usually 2-4% of the transferred amount. On some cases, the offer carries a teaser or an introductory rate. For example, the offer is 0% or up to 3%. Usually, it will only last for a year up to 18 months and after that, the interest rate will increase significantly.
This option is perfect for those who can qualify for low interest rate debt transfer with a minimal transfer charge. It is also good to know if they can repay the whole balance before the expiration of teaser rate. Make sure also that the card doesn’t have any other charges or balance to avoid numerous interest rates.
• Debt management plan consolidation – another good way for a single mom to consolidate her debt is through debt management plan enrollment. These types of organizations are very similar to applying for a consolidation loan. In this option, the counseling agency will pay all of your creditors, and each month you will pay the counseling agency in return. Chances are that you will pay a lesser interest rates and your payment monthly will be lowered as well.
The advantage of this option is that, you don’t need a good creditworthiness to qualify on these agencies. Apart from that, budgeting counseling is also included in the package. This is a good option for those who have a problem in dealing with financial handling issues.
Physical Disaster Business Loans
If your business bankruptcy is due from unexpected disaster like a strong typhoon or tsunami, the physical disaster business loans can be granted to you by the government. If your business property is totally damaged by a certain disaster, you are eligible for this kind of government bankruptcy assistance program. With the help of physical disaster business loans, you will have the opportunity to repair your business property and start your business operation again.
This kind of government bankruptcy assistance program will also offer their members with enough funds to start their business and when they completely recovered, they are required to pay their business loans with affordable interest. Most of the single mothers who already try this kind of government bankruptcy assistance program really love the amazing benefits that the bankruptcy assistance program provides to them.
Other Government Services and Assistance for Single Moms
One good example of this help from the government is the service called child support. Child support is a kind of assistance that may vary from state-to-state or by counties. They are very helpful in enforcing and looking complete law order and child custody. Through this way your child or children will get whatever they are capable of getting. In this way, single moms will have a more space to do their job.
There are other examples of support for single moms from the government. If she will not avail the child support, then there is also a program called families first. The program can provide food stamps, health care, regular checking of money to help the mom meet the minimum earning intended for the family. The money is not a payback for the government service. Checking is just necessary in order for her to manage the finances in a right manner.
If bills are the cause of their headache and stress, there is a help from the government that covers that issue too. For the benefit of single moms, the DHS can provide them assistance including their families by giving them food stamps plus other things necessary for their daily needs. Apart from that, DNS also offers other services or opportunities like housing and related problems of this kind that will depend on single mom’s income.
Aside from that, don’t forget to look for the government help for single mothers. This could mean a lot to you to have a happy and stable life despite all the hardships that you’ve encountered