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7 Smart Tips for Single Moms to Pay off their Debts Fast

You did not get into debt overnight, and you cannot repay overnight. However, if you follow these smart tips, remain honest, avoid spending unnecessarily, and stay consistent, you can become debt-free sooner to enjoy your life as a single parent.



Are you a single parent plagued with an insurmountable debt and want to pay off your creditors for once and for all? If yes, then you must read this article. According to, 60,000 single parents or more got in touch with debt charity StepChange to clear off their dues. That is because the level of debt among single parents rose by 105 percent. As a single mom, if you are plagued with debt, you need to clear all outstanding sums and credit card bills as fast as you can. However, that does not mean that you slog 12-14 hours to pay off your debt. When you owe people money, it affects your mental health, relationships, and even professional choices. It is stressful for you and an exhausting way to survive. Worry not. There is a solution. Here are seven cool tips for you to pay off your debt quickly and lead a happy life:

1. Be Organized

Make a list of all your creditors and check how much money you owe them. The list should include rates of interest, premiums, minimum payments, and cutoff date to pay off your debtors. Once you are through with this task, make a monthly budget to determine how much cash you can easily shell out to your creditors. You can research online and find online tools to help you create a budget that works to your benefit. When you are in debt, you’re enslaved until you clear all outstanding invoices and bills. Therefore, it is high time that you get serious, avoid unnecessary expenses, and reduce your overhead. Being extravagant is the reason why you’re enmeshed in heavy debts. Therefore, focus on paying off your creditors fast and imagine a debt-free life. It will be a wonderful experience for you and kids to enjoy a fulfilling life.

2. Research on Lower Loan Rates

First things first, get to know your credit score. Confirm the correctness of your bills, including credit limits and missed or overlooked payments. When you’re done, take some time out and research on lower rates of loan and credit card rates. Based on your current credit score, you may become eligible for loans and credit cards with reduced interest rates. Check whether you meet the criteria for a zero- percent balance transfer. It will prove beneficial provided you stay organized, understand all the fine print, and ensure that you pay all bills and premiums on time. This way, you can clear the balance or transfer it before the promotion period ends. However, you must be good at bookkeeping. Else, this option will not work for you.

3. Negotiate with Current Credit Card Company

You can also get a favorable credit card rate if you have good negotiation skills. Talk to your current credit card agency and negotiate for better rates. Besides, you can also negotiate your medical and other existing debts. Persuade your credit card company that you are a longtime credit card holder and like using the product. You have a good credit history and pay off dues in time. However, you need a better rate on your existing balance. You can talk about a genuine quote you received from another agency, but willing to use your current company’s products. Request whether they can match the rate of the other company or make it any better.

3. Mull over Debt Consolidation

You can pull off all your debts and combine them into one, low-interest loan. Research online and look for debt consolidation providers such as that helps you clear your dues without being bankrupt, lets you become debt-free quickly sans any obligations, and you are not required to pay any upfront fees. Private institutions offer such facilities. Moreover, if you have a healthy credit score, it will help you clear dues quite easily. In fact, you can save your hard-earned dollars when you consolidate your debt into one.

4. Clear Loans with Lowest Balances or Accounts with Higher Rates

There are other methods to pay off your debts. You must clear credit outstanding amounts or loans that have the lowest balances. Pay off these debts first. The benefit is that you become stress-free and experience psychological relief once you clear these accounts fast. The other method is paying off debts that have the highest rate of interest. You can also choose to clear these accounts first. The greatest advantage of this method you end up saving more money by diminishing your high-interest debt earlier.

5. Consult a Debt Counselor

If you feel that you cannot manage your insurmountable debt with your current income and is overwhelmed, you can consult a professional. A counselor will help you draft a debt repayment plan, one of which is debt consolidation. You can research on the internet to look for professional help to get a lower-interest single loan, thus combining all your existing debt.

6. Rectify Mistakes on Your Credit Report

Every individual has the right to correct erroneous entries in your credit report. That is because old dues that have been paid still show on your report. You may find incorrect entries such as bankruptcies and debts, which are not yours, or your debts that are entered many times in your report. Make sure that you get these errors rectified. It is your legal right and can prove a pain in the neck if you do not correct these erroneous entries.

7. Ensure that Your Emergency Fund Is in Place

Before you start paying off your dues, make sure that you have at least $2,000 in your emergency fund. You should keep some money aside for financial emergencies so that you do not have to rely too much on credit cards with higher interest rates. Therefore, keep saving money every month and keep it aside while still disbursing minimum payments on your existing debts.


You did not get into debt overnight, and you cannot repay overnight. However, if you follow these smart tips, remain honest, avoid spending unnecessarily, and stay consistent, you can become debt-free sooner to enjoy your life as a single parent.