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Credit card debt can be a balancing act for single parents

On Behalf of | Dec 6, 2013 | Credit Card Debt | 0 comments

A parent in Louisville might find themselves as the sole provider for their children. Being a single parent can be a difficult job. Sometimes when one income isn’t enough to support a family, a single parent might try to find additional employment, even though it is difficult to be away from their children for so long in the day.

Single parents can sometimes find themselves burdened with debt and unsure of their financial future. They have to pay their mortgage, pay monthly expenses and put food on the table. When someone finds themselves putting necessities on a credit card on a monthly basis, they might go further and further into debt, hoping something will change to alter their financial problem.

If getting another job, and cutting expenses isn’t enough to make ends meet and a parent has large debt payments every month, they might be wise to speak with an experienced Louisville bankruptcy attorney. Sometimes a parent might decide to take money out of their retirement accounts, or stop saving for retirement in order to meet their monthly payments.

An attorney can work to preserve retirement accounts and other important assets. Bankruptcy can help a single parent clear their debt and gain a fresh start. Sometimes a person can end up in a debt situation, even though they try their best to earn a living and keep expenses low. Single parents might also want to consider seeking child support if the other parent is still living and capable of paying.

Source: Los Angeles Times, “How to pay down credit card debt,” Liz Weston, Nov. 24, 2013