Family Financial Connections archive
Category: Loans & Debt
Costs Involved with Being a Parent
The costs involved with being a parent can take every last penny from your wallet. Before you even begin to parent a child, you’ve got a ton of expenses during pregnancy and childbirth.
Weekly visits to your doctor will cost about $45 and on top of that you’ll have to prepare the nursery and every little thing your baby will need once he comes out. An average normal delivery costs about $6,000 to $7,000 and if it’s a Caesarian section, you’ll have to pay somewhere between $10,000 – $12,000.
The US Department of Agriculture estimates that raising a child can cost you a total of $143,790 to $289,380 until he reaches the age of 17. If you include college tuition and board and lodging, add $25,000 to that list for every year of college.
The costs involved with being a parent will burn your bank, so even before your future offspring arrives, it’s best to financially prepare yourself so you can give him the best life you can possibly give.
Find Out Why GoCreditFinancial.Com Is the Ultimate Answer for Parents With Poor Credit
During harsh economic times like now, it is so obvious that not many people are unable to make ends meet.This is because of ever increasing needs coupled together with current inflation. Thus, many parents are actually finding themselves between a rock and a hard place in terms of fulfilling their financial needs.
It is said that only the strong shall survive at these times. This is because parents with poor credit scores are unable to access financial loans from banks and other financial institutions. Most recently, this has led to piling and piling of financial stress on them with no one coming to their rescue.
Fortunately, now there is a something to put a smile on their faces. If you are a parent with a poor credit score, GoCreditFinancial.com has Go Credit Financial | Personal Loans For Bad Credit and provides you with a financial relief. This is the best thing to have ever happened to people with poor credit since every other financial institution has turned a deaf ear towards their side. Are you a parent with poor credit? No more financial stress since you can still get a loan from GoCreditFinancial.com. I would like to recommend this platform because:
#1. Variety of Loans
This platform offers a wide range of loans to all parents with poor credit score. Regardless of your current financial crisis, the loan application is taken in and processed since the main aim of the platform is to cushion you from financial stress. You can get short personal loans, car loans, or any other loan you may need at a particular time.
#2. Quick Approval
The aim of this financial platform is to cushion you from financial strain you could be undergoing without hesitation. Irrespective of your credit score, the platform’s purpose is to take you away from the financial misfortune as fast as possible. Thus, loan processing is very fast and all loans are approved approximately 100% and thus no one expects their application to be turned down. Are you in need of a quick loan? No more hustles now, GoCreditFinancial.com is at your service.
#3.Affordable Payment Arrangements
Unlike other credit loan service providers who dictate the terms of repaying their loans, GoCreditFinancial.com offers loans to parents with poor credit with very affordable repayment terms so as to enable you stabilize and maintain your monthly budget. This platform is the only way you can regain your financial stability with ease as a parent.
#4.No Restrictions On Loans
The platform gives loans to anyone irrespective of the credit score. This means that everybody can access a loan at anytime whenever a financial recession sets in. Therefore, whenever you feel like you need a cushion for your finances, GoCreditFinancial.com is just right by your side.
Therefore, all parents with poor credit score finally have somewhere to run to. No delay, no paperwork, no restrictions or delayed loan processing! This platform is the answer to parents with poor credit score. Lastly, if you are a parent in a financial crisis, GoCreditFinancial.com provides relief to parents with poor credit.
How Much Does It Cost to Raise a Child?
Having children is a major financial responsibility. In order for you to make the necessary preparations, you must understand what you’re getting yourself into.
According to a report published by the United States Department of Agriculture, it will cost a middle-income couple around $241,080 to raise a child till he or she is 18 years of age. These figures have actually gone up since 2011 and they do not include the cost of college.
Even though costs have gone up, wages haven’t done the same. The country’s median income has decreased by more than $4000 since 2000. This is after making adjustments for inflation. In addition, the huge number of jobs lost during the recession also played a role in all this because they were replaced with low-wage positions. This had a negative impact on the overall economy.
The USDA’s estimates include expenses for child care, food, housing, clothing, transportation, health care and education. They also account for miscellaneous expenses such as computers and toys.
How Parents Can Help Finance College for Their Children
When federal loan resources are exhausted, parents will generally consider reaching into their own pocket or cosigning a loan in order to pay for their child’s tuition. In such situations, the amount of money required and the amount of money the parents already have directly impacts the amount of money borrowed by taking out a private student loan.
Before lending money to their child directly or cosigning a private student loan though, parents should evaluate their borrowing needs. Not only that, but reviewing the child’s ability to pay back the loan after he Graduates College is also very important. Most of the times though, it seems that cosigning a private student loan is the most popular option amongst parents, especially if the child studies to enter a low paying field.
As cosigners, parents need to be aware of the fact that when their child won’t be able to make payments anymore, they’ll need to step in and make payments until the loan is paid in full.
3 Tips for Parents That Have Bad Credit
Having a poor credit history if you are a parent can sometimes seem like an obstacle in life. Some of the problems caused for parents that have bad credit include being unable to apply for certain financial products like a credit card or mortgage, or being limited to the type of credit you can apply for. However, there are a number of ways you can improve your credit history:
+ Check your credit history – there are a number of credit reference agencies that will allow you to check your credit report for free, or for a small fee. You will be able to view any credit agreements you have had in the past, as well as any defaults.
+ Enlist the services of a credit repair company – these companies may be able to improve your credit history for a small fee.
+ When applying for credit, choose a company that will provide credit to those who have an adverse credit history. Remember – making an application for credit and being rejected can affect your credit report further, so always opt for a company with a flexible lending policy.