There was a long running comedy TV series starring Ed O’Neill ‘Married with Children’ that ran through the 80s and 90s whose theme was the problems of family life; finance was just part of the situation, growing children were central. Al Bundy sold women’s shoes, a job that he detested and which did not pay very well either. He had money worries which is often a fact of life for families where there are growing children and just a single pay check coming in each month. The fact that the series ran successfully for ten years suggests that the audience related to the story on both sides of the Atlantic because it was equally popular in the UK as it was in the USA.
At every stage of life there can be financial pressure on individuals, couples and families. When times are good that pressure seems to ease but it can lead to complacency. The recession certainly brought an abrupt halt to complacency and easy credit. Real estate prices dropped so many found their assets dwindling. Those who lost their jobs often found their assets wiped away as they suffered foreclosure because they could not pay their mortgages.
While the recent figures released about the number of jobs created in the USA is a drop from recent months it is still a positive step with unemployment back to pre-recession levels. The future is looking brighter once again but many couples and families are carrying forward a legacy of debt and a poor credit score which is a hindrance to their restoring themselves to good financial health. Or is it a hindrance? Certainly a good credit score is important but those looking to improve their financial situation can recover without having a good score in place at the outset. They need to have regular income as a prerequisite but after that it is a matter of whether the sums add up.
Changes with a Loan?
There is an opportunity but it is essential that those that take it understand that the chance will not come again in the coming months unless their financial situation changes dramatically. One dramatic change would be a second pay check coming in each month if it is possible for a mother to return to work if the children have grown sufficiently. However the real chance is to apply for a personal loan that is likely to be approved as long as the amount sought is realistic and affordable. That is the logic of good online lenders today; credit score is of secondary importance. The loan at http://www.realisticloans.com/ must be used to pay off debts that are incurring a high level of interest, typically credit card balances.
That is only half of the solution. There is little point in clearing balances simply to build them up again by spending money on the credit cards once again and restoring unmanageable balances as a result. There is no second escape without that dramatic change in financial circumstances. Married couples and families that are in financial trouble need to change their lifestyle without that necessarily meaning major sacrifice. They may cut back marginally on some unnecessary spending but the main lesson to be learnt from getting into debt is to think before spending, apply some self-discipline when it comes to making decisions and act only on those decisions. Emergencies may arise and they can be difficult to tackle. They are easier to tackle if an emergency fund has been created because of following a budget and creating that surplus.
Al Bundy was fiction and extremely funny fiction at that. It appears that in real life there are many families living with stress because their finances are not under control. It is certainly not a laughing matter and problems do not disappear simply by ignoring them. Anyone writing down two columns, income and expenditure may not like what they see in front of them but it is an exercise that those in financial trouble must do. They must then look at ways of changing those figures by taking action to remedy the problem.