Someone rightly said that a mother’s tasks are never done! This holds especially true for mothers who are in charge of running the family, which not only includes taking care of everyone, but also involves managing finances. Problem arises when a financial hiccup presents itself, and there’s a shortage of money.However, thanks to credit cards, a household can still run even when there’s no cash. The economy now revolves around a buyer’s market. Sellers are trying out every trick they have up their sleeves to lure buyers who also enjoy shopping. This is perhaps the starting point of the problem that causes enough stress to the mother as debt keeps piling up.
The root of the problem
Providing a family with its daily needs is perhaps not always a problem if there is a source of steady income. The problem begins when we pay too much attention to our wants. That is when even luxury goods seem like necessities of daily life.There is a tendency to reach out for more of such items as you can buy them on credit only to pay later in smaller installments. This is the impact of consumerism in our lives that has led to excess buying by depending on loans available from credit cards and similar financial instruments. Use of multiple credit cards stokes the fire of excess buying as you can avail more credits, while accumulating debts.
Look for a solution
There comes a time when you face huge debts that get compounded over time and keep growing. This can be very stressful to handle. You start thinking about ways of keeping debts under control and have a closer look at the huge sum you owe.There are two aspects of the problem — one is the burden of debt and the other is to manage multiple lenders. In fact, the latter is perhaps more concerning than the former. This is when you should think of consolidating the loans as you would be more comfortable to manage a single lender. This move would rid you of the more impacting aspect of the problem.
Avoid fresh debts
Already having experienced how painful debts can be, it is only expected that you will be cautious to avoid the debt trap. What usually happens is that people don’t take their due payments seriously until it is too late. You may take loans to tackle the situation,but being unable to manage different creditors properly, land up in a never ending cycle of debts. This has to be avoided at any cost by ensuring some savings every month by making changes in lifestyle and habits.
When consolidating debts, you take a loan at lower interests that result in lower pay off every month. The savings that you generate has to be utilized properly to avail the dual benefits of consolidation. You thus learn to live with loans that are manageable and stress-free. Being a mother is already stressful enough. You don’t need the added burden of creditors calling you up to remind you of missed payments. Be smart and act wise when dealing with your debts!