Monday 19th of October 2009
A debt management plan could be used by households in which a father is staying at home to look after young children.
New research by the Children’s Mutual organisation reveals more than one-quarter (26 per cent) of new dads decided to work part-time after the birth and 14 per cent gave up work altogether.
The main tasks for stay-at-home dads, the research shows, are looking after the children, cooking and organising family finances.
But it is those finances that could take a hit when a father puts child before career as income could be dramatically reduced.
Having a baby can be expensive and send debts spiralling out of control.
Parents in this situation may wish to consider a debt management plan - with more mouths to feed and less cash coming in, it could be the ideal way to move out of debt.
Debt management plans work to reduce interest rates and renegotiate repayment periods with creditors.
Such a method could work for parents who are feeling the pinch right now but also want to put their young family on the road to financial stability.
By Kimberley Parsons
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