The Cost of Raising Children
Personal debt can be caused by many different factors. Many people manage their debt levels successfully over a period of time before the payments on loans, credit cards or other borrowed money rises to unmanageable levels. This can be the result of external influences such as sudden ill health or injury, being made redundant, experiencing betting or shopping addiction, or starting a family.
Managing debt can become difficult when there is a sudden change in your financial circumstances. Whether it is increasing costs that outstrip your ability to pay, or a reduction in – or even a total loss of – income, unmanageable personal debt can lead to feelings of shame, guilt, frustration and anger. This is where debt help offered by the specialists at the Debt Advice Group can be useful. The group offers specialist counselling and advice that is honest and confidential.
Having children can significantly change your life. From sleepless nights to finding yourself suddenly with another mouth to feed, your life is certain to be impacted. The cost of raising children can sometimes be underestimated, leading to rising debt levels. Your ability to provide for your family and meet your financial obligations will be negatively impacted if you lose your job or find that your current wage does not meet the increased costs associated with having a child.
Sending your children to nursery can sometimes be relatively costly. Although it may be possible to apply for state aid in paying for the nursery, this is not always awarded and may not help you in meeting your total financial obligations. In some cases, paying for a nursery education can be unmanageable even if you are living an otherwise relatively affordable lifestyle. Living in a city such as London, for example, can be expensive. Leaving your nursery fees unpaid can lead to complaints about you to the police or the courts, and be the start of insolvency proceedings.
Being a single parent can be hard in more ways than one. Being the sole provider for you and your children as well as being responsible for their safe upbringing is often a constant struggle. Some of the most common reasons that single parents fall into debt is that child care is too expensive, income is reduced or lost as a result of a child falling ill, or income is too low to cover the increased household bills.
Raising children can be costly in terms of education, whether in nursery or in later years in university. School trips and after school activities can also add to the total cost. Paying for food and clothing is set to become ever more difficult as the inflation rate continues to rise.
Debt counselling is best sought earlier rather than later. If you start to find yourself with a rising debt level as a result of raising a child or any other reason, debt counselling can help you understand your options and clarify your situation. Being on top of your debt early on and having it explained to you by specialists in debt help can sometimes be enough to stop it spiralling out of control.
The Debt Advice Group has been created to help people in serious debt get good, honest, impartial advice. It is an organisation having specialists providing debt consolidation services to write off debt.
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