If you make poor choices in life it can be detrimental to your future. Fortunately, you can always work toward correcting those wrongs and do what’s best for your family. Debt is one of the most stressful situations one can find themselves in. Being a single parent is also a reality of being in debt and the struggles of a one-income household has the potential to place you in poverty.
A few years back, I started to take notice of my credit history and what I would need to do to get out of debt. As a college graduate, I have accumulated student loans. My only saving grace is that my payments are deferred since I’m currently in school. That is not always the best option simply because it puts you in further debt and it increases the amount you’d owe.
Back in 2021, due to the pandemic, the President put a hold on student loan repayments. Of course, this is not going to last much longer. At the time, I was a full-time student only working a few hours a week because I have a toddler and am predominately responsible for her. If you’re in a situation such as I am, you need to do whatever you possibly can to get yourself out of debt. I made a great decision by working on building my credit. For starters, I paid off my credit card. Making payments on time and paying more than the minimum for the 2 years I have had the card boosted my credit score and increased my credit limit.
My hope is to maintain my credit card usage at the minimum of 30%. I need to show lenders that I am no longer considered a credit risk. I use the app Experian as a way to keep myself up-to-date with my credit report, when or if my score has been impacted, and what items I have remaining on my credit history. Being a single mom, I need to take the necessary steps to ensure that I can take care of us financially. To be honest, I’m not sure about my current relationship since we live together. Among the problems we have, finances are factored in. I would much rather be prepared for what could potentially happen with our living arrangement than to be stuck with no solution. Maintaining a solid savings account is another goal of mine as it would help in emergencies.
I may not have made the best choices when it came to my personal life and relationship, but I am doing my diligence to not be in poverty. The more I pay attention to my finances and work towards being completely debt-free I am certain I will be able to successfully maintain my household.