Having debt can be a source of shame for many people. Despite the very real fact that more Americans have debt than don’t, people feel embarrassed and ashamed about speaking about their debt problems. Event countries have debts. In the Philippines, each Filipino’s share will be at Php 83,239 to make up the Php 9.05 Trillion Debt of the Philippines. If we wanted to have a debt-free country, we’ll have to each shell out Php 83K+. So today, I wanted to talk about debt and more specifically, debt solutions for Working Moms.
Debt can have all sorts of negative connotations which can make us feel anxious, leading us to bury our feelings and never speak about them. As working parents, we want to instill in our kids the very best habits when it comes to finances, but if we have debt hanging over our heads, this can get in the way of feeling like a confident and capable parent. So how can you alleviate your debt issues as a working mother?
Here are three simple steps to guide you on your road to finding new confidence and debt freedom as a working mom.
Talking It Out
Talking won’t make the debt disappear, but it will definitely help you feel at peace. Many working moms, particularly single moms, never share their stress with others for fear of burdening them or coming across as a bad parent. But the truth is, having debt doesn’t make you any less of a good parent. We all have our reasons and we all have our pasts, and for some people, that includes incurring debt over time which we are struggling to pay off now. There’s no shame in it, and the only way of getting rid of the negative stigma around debt is if we talk about it with our loved ones.
As a busy working mother, you might find that you simply don’t have the time to research how best to alleviate your debt. You can end up feeling like you are a slave to the credit card company who demands money without any human sympathy at all. In this case, seeking financial advice is extremely important. You can call a citizens advice service or book an appointment with a financial advisor to talk through your debt, and how it can be paid off in the most achievable way for you. Most financial advisors don’t just offer insurance products; they offer sound advice to help you achieve your financial goals.
Exploring Other Options
If you feel you have been unfairly charged interest and might have a case to make against the debt you owe, you should seek out legal advice to see if this is worth pursuing. This will help you to explore all your options and potentially even alleviate some of the debt you owe, without actually paying it. These cases are rare, but it is always worth pursuing if you feel you have been wrongly charged.
In the Philippines, you can seek advise from the Securities and Exchange Commission and the Bangko Sentral ng Pilipinas (BSP) once this happens to you. If it’s a cooperative lending you, seek help from the CDA or Cooperative Development Authority.
In addition, if you are in the US, you can explore programs such as DTSS Restoring America’s Freedom, which will help you see how your debt could be unconstitutional.
Final Thoughts for Debt Solutions for Working Moms
If you have debt which is weighing on your mind, take steps today to ameliorate your stress and anxiety. Talking it out with someone close to you is vital, followed by seeking financial support which can help you understand your situation a bit better. Finally, exploring all options will allow you to see what you can do about your debt.
Any other debt solutions for working moms that you want to share? Comment on the comment section below.