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 How Women Get Into Debt

Experience tells us that women who get into debt in one of three main ways:

Those who spend money they don’t have, sustaining a lifestyle they can’t afford.

Those who are affected by life changes, largely out of their control.

Then there are others who simply borrow to make ends meet

Many of us can see ourselves in more than one of the above...

(See also Women That Spend)

Let’s take spending what you don’t have first.  One report suggests that splashing out on restaurants, drinks, fashion and holidays coincided with the switch from cash to plastic, with credit cards and store cards being used in the main.  Psychologists say we’re likely to spend more using our plastic, than parting with real banknotes, and it seems we get an adrenalin rush from ‘retail therapy’ (although that doesn’t last long).  It seems, these women are particularly susceptible to credit companies’ tactics of encouraging us to spend more now and pay off later. Getting us further into debt we could do without.

For some women, there are other factors more or less beyond our control.  Losing your job, family breakdowns, divorce, ill health and the birth of a child are all likely to be associated with indebtedness for women, as is over-borrowing on a new house or car. ‘Price shocks’ on essential items like fuel and food can lead to increased debt for women also.

Women are also more likely to fall into status categories strongly associated with debt, like lone parenthood, working part-time, caring for family members and earning relatively low incomes.  More than 90% of lone parents are women and, of all the household types, these stand out as the most likely to struggle with debt, almost half of lone parents have debts at any one time.

If you recognise yourself in any of the above then call now for supportive advice on 08448 222 622, complete our FREE online Just-A-Minute Debt Test or click to download our Debt Enquiry Form

Whatever you choose to do you are not alone and if you can't share your worries with loved ones then share them with us!   

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