Gemma saysHi Carina, call one of our debt specialists who will be able to go through all of your debts with you and see what plans are available to you.
Women & Debt
If you listen to the stereotypes of debt you would believe that more men than women are in debt and that women know how to deal with finances better. The truth is different…
Here are the facts:
- In 2010 40% of insolvencies in the UK were women, in 2011 this increased to 49.2% showing that more and more women are struggling with debt and turning to either Bankruptcy or Individual Voluntary Arrangements.
- In 2011 women made up for 65% of insolvencies in 18 to 25 year olds and 54% in 26 to 35 year olds.
So how are women getting into debt?
Some say it is down to lower pay and pay inequality, others say it is high unemployment. Figures released in August 2011 showed that more than 1 million women were unemployed, the most since 1988 when Margaret Thatcher was in Government. There are also high childcare costs, work breaks due to children and an increase cost in living with pay increases out of line with this.
A study carried out in 2011 found that 24% of mothers have had to quit work while a further 16% reduced their hours due to childcare costs.
Yvette Cooper, Labour MP and Shadow Minister for Women recently said, “Women are being disproportionately hit by public sector job losses and rising childcare costs.”
Once in debt women are often quicker to seek help and approach a Debt Management Company, Christian Against Poverty, a church based debt counselling centre, say that 63% of callers are women.
If you are in debt you need to do three things:
- Gather all of your creditor information together and work out how much you owe and work out how much you can afford to pay them each month.
- Open a new basic bank account, away from all of your creditors and get your income paid into that as soon as possible.
- Speak to a free, impartial Debt Management company such as Payplan to get help paying back your debts.
You can contact Payplan Monday to Friday between 8am and 9pm on 0800 716239 or simply fill out our online referral form and someone will call you back.
Written by Gemma on February 15th, 2012
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One Response to “Women & Debt”
Gemma says
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