Welcoming a new child into the world is a joyous and momentous occasion. While holding a new baby for the first time can fill a person’s heart with joy, many North Carolina parents may not realize that having a baby can also leave their bank account empty. Even if efforts are made to put aside money before the baby is born, sometimes that cannot be enough to stave off going into debt reports Forbes.
Celebrity is easy to come by these days, and as a society we are inundated with images and stories of how famous people spend their time and their money. Add to that the temptation to covet the things friends and family members possess, and the potential to incur unnecessary debt looms large. That is especially troubling considering more than two-thirds of people are already in debt according to NBC News. However, when it comes to paying off that debt, 30 percent of borrowers have no plan on how to do so.
Once the process is over and the bankruptcy has been discharged, many people are left wondering what happens next. At Wootton & Wootton, P.C., we understand that getting back on your feet financially can be overwhelming. However, according to AOL Daily Finance, there are a few key steps that can be taken to restore your credit and move forward with confidence.
While it may seem like paying off your debts should always be your number one financial priority, in some situations that may not be the case. You are likely going to want to retire at some point in your life and neglecting to put money away for your retirement while you are young could be a huge mistake. In fact, according to NerdWallet, not putting enough money away for retirement could actually end up costing you more in the long run.