Are Women More Prone to Debt Problems?

Are Women More Prone to Debt Problems?

Are Women More Prone to Debt Problems?

Summary:

Are debt cases gender specific? Debt management agencies try analyzing the answer.

Debt problems statistics

As per a latest statistic, 38%of women who have applied for new loans have been denied because of their poor credit score. And more than 34% debt holders comprising only women are on verge of getting bankrupt. It's horrifying to find that most women debtors are in the age group of 25 to 34. This is the severity of debt problems among women. Let's now analyze what could be the possible factors which prompt women to get into debt problems in such higher numbers.

* Competition to maintain a lifestyle

Be it with latest style statement, designer clothing brand and jewelry, or other extraneous needs; today's women don't want to compromise on anything.

* Easy money availability

Credit cards have made it all so easier for young women. The plastic money facilitates expenditure even when you don't have any money in your account. Many single women who don't have any family responsibilities indulge in shopping spree just to get rid of their boredom and credit card helps them in their addiction.

* Impulsive buying habit

More than 75% of women debtors suffering from higher debt problems are impulsive buyers. The moment they land themselves inside the shopping malls, they forget everything and go ahead with their shopping craziness.

Now that we know the possible reasons, let's see how debt management tactics can be helpful in handling the debt problems among women debtors.

Weigh lifestyle with debt problems

It's good to maintain a style quotient with your dressing up and lifestyle. However, it shouldn't be at the cost of borrowing money from others. It could only land you at higher debt problems.

Plan a monthly budget

Debt management experts recommend maintaining a budget regarding all the expenditure. It will help you track down your extraneous expenditure. As a result you can restrict your debt problems from further accumulation.

Restrict your shopping

If you could restrict your impulsive buying habits, a major percentage of your debt problems will be reduced. Debt management experts suggest a unique strategy. Whenever you feel an urge for shopping, just delay the plan for a couple of days. Make any excuse, do whatever it takes. Believe me, it works in most cases. After some days, you won't feel like buying the same items anymore.

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