Women and Debt
While some might think that women are leaving work to take care of their household that is not always the case. Some women have been involved in layoffs, cut backs and lower wages. The average woman still makes less money than her male co-worker and due to our recent recession, the number of women falling into debt is on the rise.
The average American family has an average $8000 in unpaid credit card debt. Consider a single mom who is working to pay the mortgage, car payments, education and medical bills. That unpaid debt can be a little overwhelming.
Some decided to refinance their homes, take out loans from their retirement accounts or draw from their pension. Yet that doesn't seem to make much of a difference. With the divorce rate increasing and job cut backs, women are starting to see a lot of changes and even a financial danger. More women are filing for unemployment than ever before.
With the workforce moving to other countries, this leaves a lot of workers without a job. A lot of women are now going back to further their education, in hopes that they will earn a better living with a degree or certificate. In the meantime, their debt is usually getting higher, since the income has decreased.
Banks are now losing money due to the economy, which makes it pretty difficult for unemployed women to get loans. This is a direct effect that hits everyone from the average worker to the banks and lenders. It's a little frightening since there is no immediate relief in sight.
Women now are looking at other options for income, just to meet the basic needs for their family. At one time, their demographic was looked at by the banks as a pretty safe investment. Yet the shifting economy has changed all of that. No longer is it safe to assume that women are going to be able to pay back the money that is lent to them.
Women are now leaving their jobs to save money on babysitting, gas and work clothes. Simply because they are not making enough money to cover those expenses and pay their creditors.
Whether they are single women struggling or married, they are all taking a hit by the economy and changes in the business world. Some women are now working with their husbands to start saving money. One idea is to create a budget, start cooking more instead of eating out, cutting back on dry cleaning and paying attention to their electricity in their homes!
Women and their families has realized that it is time to stop taking certain things for granted and the only way to get out of debt is to focus and make a plan. Looking for different sources of income, making a budget and making certain cutbacks are very important.
It is also a good idea to look at ways to get out of debt.
There is debt relief available and it is pretty easy to find. Many reputable debt companies work online now and you can get a debt settlement quote in seconds. This is one avenue that women in debt are looking at. If nothing else is working for women, even after making changes there is always a way to try and get out of debt.