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Single Moms Improving Credit Card Debt

By Edited Jan 11, 2014 0 0

Single mothers find it inconceivable to recover from bad credit. With seemingly endless expenses and bills, it is easy to fall prey to this kind of thought process. Whether it's paying for that new gaming console your child wants or if it's buying them new clothes, expenses these days never appear to end. A lot of mothers fall into bad credit because they keep charging all their expenses on their cards without really planning on how to pay those debts later. In this article, we provide single mothers with easy-to-apply information that will have them in the "good books" of any creditor in no time.
Improve your payment history


To improve your payment history, there are a few factors that single mothers need to follow without and hindrance. Firstly, always pay your bills on time because late payments are the main element that brings your credit score down. This is easier said than done. A single mom has to concentrate on spending money on things that are essential to sustain a normal and healthy life. Once your expenses are under control, it is easier to make timely payments of your bills. If you already have bills that are past their due date, you should budget accordingly so you can get rid of that debt immediately.


Many single moms think that creditors are heartless and don't care about the problems that single mothers face. This mentality only digs a deeper hole. Single mothers should contact their creditors right away if they will be unable to pay their bills on time. Often, creditors negotiate with you and can arrange different payment terms. This is beneficial because it will at least keep a fraction of the late notations off your credit reports.


Try to keep your debt as low as you can
As said earlier, it is essential for any single mom to plan a feasible and practical budget. If you are spending money where it's not required, you are pushing yourself further into debt. This is why you have to try your level best to keep your credit card balances low. If you have more expenditures than what your limit allows, this will only drive your credit score lower.


Many single mothers think that if they transfer their debt from one account to the other, it will improve their credit score. This is a fallacy because you still have to pay the same amount of money. Additionally, if you have an account that has zero balance, don't close it because it might help your overall credit score. At the same time, avoid opening new accounts to add more debt onto yourself.


Time heals all
The length of your credit history is the main factor that can improve your credit score, so manage it sensibly. Avoid opening new accounts within a short time period because this will make creditors think that you are incapable of handling your credit maturely.


So from time to time, plan out your budget and avoid making unnecessary expenses. Be sure to check your credit score on a regular basis because it doesn't affect your score. In no time you will have the credit score you need to make big investments for your children and yourself.

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