“Men are from Mars and women and from Venus” – this is a cliché we have been familiar to for a few decades now. Recent studies on individual have only reinforced the idea. The study shows that men and women view money completely differently. Men may need less debt counseling but they face more trouble paying their current debts. Women are more likely to go into debt counseling and debt management.
This study shows us, how important debt counseling is for the status of personal finances. Women are more likely to go into credit repair programs and debt management programs. A whopping 82% of the women questioned felt that their personal financial situation was on the road to improvement. And that was true! Debt counseling helps you to know your debtsand find ways for redemption.Men are more likely to simply sweep the unpaid bills under the carpet and pray that they go away.
So why do women have more financial difficulties than men do?
The statistics we have presented so far shows women to be smarter and niftier when it comes to personal finances. However, more women are going into debt counseling and debt consolidation loans each day. Here’s why –
- Carrying balances on credit card accounts: this is a grave mistake about 60% of all women make. They carry balances over from one month to another on their credit cards. Only 50% men are likely to do so.
- Paying the minimum only: about 42% of all women pay only the minimum payment due on the credit cards.
- Sale time: women have a harder time resisting a good sale. About 23.7% women surveyed have agreed that they spend most during a sale.
- Unplanned shopping: About twice as many women, have whimsical buying choices throughout the month. Binge shopping and impulse buys are the sins that eat away savings.
Also, about 65% of all men in America make more money than women. This is of course another main reason why women have more financial owes at the end of each month.
How can you get out of debt?
Well, changing you sex is definitely not an option if you want to save. Then here are a few more practical ways that will help you save as you grow:
- Make a list of absolutely necessary monthly expenses
- Use a mobile app like Walnut to track your expenses
- Use your credit cards as sparingly as possible
- Make a budget for the best sales in town
- Make a budget for the “impulsive” buys if you absolutely cannot resist them
Just because you belong to the fairer sex does not mean you need to live with more debt. If nothing else works, go for debt consolidation loans that will help you get rid of all creditor calls, emails and enquiries for good. However, be very careful while choosing the company. Only go for the top consolidation companies with genuine debt reviews on their websites, Yelp and social media. Do a thorough background check on your company and its CEO before you go ahead with your debt consolidationplan.