Single Mom Money: Divorce Debt (or the Double D)

Wednesday, November 11, 2015

When many couples part ways, they are left with sorting out any debts and assets accumulated throughout the marriage. If you're debt-free, you're awesome. But that's not really a reality for all of us. The ex and I sorted through all of our credit card bills, medical bills and any other miscellaneous debt we may have had over the course of our relationship and then found a way to divided it between the two of us so that we were both happy. That's not always how it happens though and many "could-be" amicable divorces can turn nasty when people are arguing over money. And once it's all finalized in court, there may be either side of the parties involved unhappy with their lot - or just buried in debt in general. And now you're on 1 income. What the heezy?

I wanted to gather some resources that I found online that addresses other people that have gone through divorce and left with a pile of debt. Personally, I'm sifting through a personal loan and credit card debt valued upwards of $7,000. Yuck. That's not including my car payment and student loans I still owe on. So resources like these help me see the light at the end of the tunnel and know that I can crawl out of debt and it can be manageable to tackle!

7 Ways to Deal with Divorce Debt - I've been a long-time reader of "And then we saved" blog and in this post, she welcomes guest blogger, Kady, to discuss how she crawled out of debt after her divorce. She gives some tips on how she purged that $45,000 out of her life for good!

Balance Transfers - "Trash the Dress" is a blog for the 20-somethings that have hit the divorce path. This post, although financially controversial because you're basically just moving money around, even for a lower APR reviews some benefits with paying down that debt at a lower interest rate.

13 Things to Do Once Your Divorce is Finalized - Babble is a great resource for random posts on a variety of topics. In this post there are tips on what are some things you should do the moment those papers are signed and you've breathed your first breath of fresh freedom air. Some of them financial, like opening your own checking account!

There are some other standard resources out there to get yourself back on track. Many financial gurus like Suze Orman and Dave Ramsey have their own ways to help you chip away at your debt. The key is to find what works for you and stay dedicated! We now have to plan for ourselves, by ourselves and keep an eye on our future.

What are some ways that you try to save money or work down your debt? I'd love to hear it!

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