Being a human being as we approach the sci-fi sounding 2020s is an innately costly proposition. There’s no denying that simply keeping your head above water is a bigger struggle than it’s been for generations for a variety of reasons. Some of them are the fault of the individual but most of them aren’t. Do some of us use easy access to credit to spend beyond our means? Probably. But that doesn’t negate the fact that we’re in an age of wage repression, higher than ever living costs and the longest sustained decline in the value of our wages since records began. Yeah, it’s tough getting by in this day and age and if you’re a parent… Forget about it!
The cost of raising a kid in 21st century Britain is just shy of a quarter of a million quid… That’s an increase of over 60% compared to 15 years ago. Yikes! As a result, it’s no surprise that all but the wealthiest Mums and Dads find themselves leaning on credit to sustain their families’ modest lifestyles. Unfortunately this leads to the unfortunate “credit guilt phenomenon”.
The credit guilt phenomenon
You know that feeling where you know you’ve over indulged over the weekend and you dread the notion of stepping onto the scales or even looking in the mirror because you’re worried about the flood of self recrimination that will surely come if you do? Do you ever feel that way about your bank balance? Thought so. Don’t feel bad! Most of us do from time to time. The sense of dread at seeing the dreaded “DR” at the end of our bank balance is often palpable and can cause us to bury our heads in the sand in a deluge of worry and guilt.
While it’s perfectly understandable, it can often exacerbate our problems when it comes to credit.
There’s nothing to be afraid of
Debt is not an admission of failure nor is it anything to be ashamed of. It’s just another part of adult life and it needs to be confronted and managed rather than pushed to one side in the hope that it’ll go away (it won’t). Set aside your feelings of guilt and worry and roll up your sleeves. It’s time to take the bull by the horns and take control of your credit!
Get interested in interest
Too many of us have a laissez faire attitude towards the interest rates we’re paying even if it can really increase the overall amount we pay back. Get interested in the interest rates you pay. Even if your credit score’s in the toilet and your primary source of credit is a personal loans no credit check direct lender type you should still be able to shop around for a reasonable interest rate. If you owe various lenders with a range of interest rates, consolidation can usually save you a lot of stress and worry while also giving your credit score a nice boost!
Save where you can
It’s a costly entreprise raising a kid (whatever their age) but even the most cash strapped of families can make little savings here and there. You don’t have to be an avocado toast chomping hipster to find ways in which you can cut corners financially. Swapping out the usual Friday night takeaway for a home cooked alternative, cancelling the Netflix subscription or even the TV license if you’re not using them or suspending your gym membership until such time as you’re prepared to actually go can all add up!