Single Dad: Strategies For Getting Out Of Credit Card Debt

Many parents go to their bank and apply for a credit card with an agreed amount of money assigned to it. This card is usually used only for quick solutions and financial emergencies. As a single dad, you hope to work hard enough to make the most amount of money you possibly can to feed and clothe your children. Life has never been simple, and when credit card debt mounts up, it can feel like a heavy stone is laying on your chest, all the time. The single parent household is a growing trend, and many fathers are now wanting to take custody of the children. Although historically men have earned more money than women, for single dads, the circumstances are different. The full responsibilities lay on your head, and debt only adds to the list. 
Single Dad debt
Talk to the bank
It’s such a shame that many single parents don’t have the confidence to go and negotiate with the bank to limit your situation. Contrary to popular belief, banks would rather you paid back what you owe, rather than ruin your life. Go and book an appointment with either a credit card specialist or a financial advisor at your bank. Explain the situation carefully, and tell them you cannot make the desired payments because the weight of the debt is too bare. You can form a plan, which is most likely going to be a prolonged repayment scheme. These types of solutions last longer, you will end up paying more, but each repayment is much more manageable. 
Nip it in the bud
As soon as you begin to see you’re heading down a road of debt, slam on the brakes. Do whatever it is you have to, to save yourself and your kids from this situation which will see you legally hitched to an obligation. Get family or friends to babysit your children, while you take more hours at your jobs via over time. You could also find a second job online, by working in many freelance roles to earn a little extra while being at home with the children. 
You could also get out a quick loan, with no hidden fees, no surprises by exploring your options at Sunny. Payday loans are great for a quick solution to a mounting credit card debt. Banks are sometimes ruthless when it comes to repayment of credit card debt, as they can set the minimum amount you need to pay every month. Most contracts are only flexible in favour of the bank as they take full discretion abilities. Credit cards are often taken out, and recipients fade away without a trace, so banks are wary of who they give these cards out to. 
Tough calls
Approach the situation as a family. Sit your kids down and have a talk to them about the situation and explain to them, you’re going to make some tough calls. Cancel a holiday you were planning on going. If the kids are going on a school trip that isn’t directly conducive to their exams, don’t pay for it. Sell items and appliances from around the house which are not detrimental to your living standard. Sell your car if you need to and get the children up early to walk them to school. Get the bus, train or bicycle to work if you must. Do anything to get out of debt, so your lives aren’t under the thumb of the bank. 
It’s tough being a single dad because for as far back as human civilization can remember, the man has always been the breadwinner. However, think of your children when trying to get out debt. When you’re obligated to paying off the credit cards, technically so are your children. Take calculated actions and study all the options you have.

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