On behalf of Trenton Grand of Grand Law Firm posted in debt relief on Wednesday, October 24, 2018.
Louisiana women with mounting credit card debt are not alone in their struggles. Even though Americans of all genders are widespread users of credit cards, more women credit card holders are concerned about their ability to repay their mounting debt burdens. Across the country, credit card debt is at the second-highest point it has been since 2008, when a major financial crisis shook the American economy. Indeed, in one quarter in 2018, Americans accumulated $30 billion in personal consumer debt.
A recent study noted that 26 percent of women said that they were not confident they could repay their bills in full that month. On the other hand, 14 percent of men shared the same concern. Women make 80 percent of what men do on average, meaning that most women have to work more hours in order to escape their debt burdens. This is reflected in payoff rates; while one-fifth of men said that they had been able to pay off their bills once or not at all in the past six months, almost one-third of women said the same.
Experts noted that credit card debt can be a particular concern for single mothers dealing with low incomes or uncertain job schedules. Moms may rely on credit cards more than others to make ends meet when they are struggling to get by, especially if their children need clothing, food, diapers or other supplies.
Mounting personal debt can seem impossible to escape, especially when late fees and collection calls begin to add up. Someone who is looking for a path to debt relief can consult with a bankruptcy lawyer about the steps they can take to move toward a new financial future.
Related Posts: Study finds more medical debt among younger people, How money mistakes really impact credit reports, Strategies to delay or prevent home foreclosure, Stopping harassment by debt collectors