Jul 25 2013: Don't let money worries spoil your family's big day!

 


IT’S doubtful that the Duke and Duchess of Cambridge will be tightening their belts following the arrival of the world’s most famous baby.

For some couples, however, the added household expense of a new arrival in the family can prove to be more than they had planned for.

But insolvency expert Paul Moorhead, of leading South Yorkshire insolvency practice Moorhead Savage, says there’s no need to let financial cares cast a shadow over what should be the happiest moment in a young family’s life.

“For new parents it is often difficult to know what the added costs of a new baby are going to be,” Paul said.

“And at a time of greater expense there’s the added problem that household income will invariably drop as one parent takes an extended period of leave.

“All this can prove to be the straw that breaks the camel’s back and the sort of crisis that can prompt rash decisions.”

The worst thing to do, Paul insists, is to think that pay day loans and other short term allegedly quick fixes will provide a lasting solution.

“You need to sit down and really study your incomings and outgoings and not simply dive into taking out a loan that you are unable to pay back,” he said.

“Take advice if you are struggling to pay your existing debts properly.

“Don’t cut back on essentials at a time like this but take a long hard look at payments to your creditors and see if an arrangement that be reached, though this can only be done as part of a properly organised plan.

“That’s why it is so important to seek professional help to ensure that you are prioritising payments properly.”

For further advice from Paul and the team at Moorhead Savage call 01709 331300 or visit www.moorheadsavage.co.uk

www.moorheadsavage.co.uk

 

Current Articles

Copyright © John Highfield | Cookies