Monday, October 25, 2010

Credit Crunch Dangers for Women - Settling Credit Card Debt

Women have never had it so good - or so bad... For many of them the increased freedoms and choices have led to their main priorities at the moment being, keeping their jobs, holding onto their homes, keeping their family intact and settling credit card debt.

Opportunities for women have grown enormously - education, job opportunities, a family or not to have a family. The opportunities have been endless.

It's only just over a generation ago that a woman couldn't apply for a mortgage in her own right. That's simply unthinkable now... Then, apart from a small number of women, the choices were far fewer and for many their life's ambition (or for some, their life's limitation) was to be a wife and mother, married to a man who could provide the financial security to maintain her.

However, along with the opportunities have come responsibilities and many women, the financial freedom, coupled with the almost limitless amount of available credit, have behaved like kids let loose in a sweet shop.

What has been the result of this financial over indulgence?

Debt. Mountains of debt. Seemingly insurmountable debt, gathered in massive quantities by intelligent, well educated women who, on paper, should have known better than to mismanage their finances so badly.

So many women got drawn in by the hype. Credit, credit and even more credit was available in every high street shop. Letters selling you credit were put through your letter box every day.

You want a sofa? Don't wait... Have it now... You don't even have to pay for it... Well, not for a year anyway... It's so easy...

What an invitation. Who could resist?

Anyone setting up home wouldn't have thought of doing without anything for their house... Why should they? Anything they wanted could be available instantly by handing over a credit card or signing on the dotted line and acquiring yet another debt.

Women haven't stinted themselves on their personal spending. Clothes, cosmetics, shoes, beauty treatments, holidays, entertaining, socialising. They want to look good and feel good. It's their right, isn't it? They want it all and going to have it all... And, up to now they've been oblivious to the consequences...

Daily reports in the media discuss women who have tens of thousands of dollars or pounds of debt. Some are up to 100's of thousands in debt. The volume of debt is truly frightening.

Researchers show that women have almost one and a half times as much debt as men... Added to the problem is the fact that generally women earn less than men. This makes women's financial situation extremely serious and alarming. Another factor is that women, once realising their financial plight, are very embarrassed about their predicament and are hesitant to discuss or face the matter.

The earlier financial problems are addressed the more straight forward the solution. Professional organisations can offer invaluable advice that can assist in alleviating the debt problems.

Help must be sought. You need advice on budgeting, on controlling your spending, you need to cut up your credit cards and take a reality check about how much money you have - or haven't got...

There's no doubt that life will be tough for a few years until your finances get sorted out. However bad a situation appears, there's generally a solution that can improve the situation.

Settling credit card debt has to be a priority for you to avoid more serious consequences for your financial health.

By : Liz_Marsden

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