Debt Free News

Report shows stats for debt and women

January 22, 2007

In a stunning debt free news report coming out of the UK, we are learning that thousands of women who are in distressed personal debt are apprehensive about being bailed out by an insolvency because of the label that they are stamped with afterwards is a determent to their ability to thrive again. UK women suffering from high debt issues such as high credit card debt and other types of personal debt are not turning to bankruptcy relief because they feel the stigma involved on a social level is too harsh.

Today’s debt free report in UK also states that the repudiation to make this complicated decision is only increasing the amount of high stress and in turn, it also creates an actually more difficult position for the existing insurmountable debt problems UK women are experiencing.

The debt free study we read today was conducted by Consumer Credit Counseling Service.

This agency reports that just over 60% of the people it advises to file insolvency are in fact female. What’s more nearly 75% of them are unwed.

On the other hand, over 50% of these advised consumers in debt trouble simply reject to take this extreme step because they quite honestly feel dishonor and shame from doing so. Apparently the idea of bad credit is better than a bankruptcy on a credit report is more appealing to many females in debt trouble in the UK.

The report released today also state that many of these women are older and are experiencing abrupt financial difficulties that lead them to debt trouble instead of slow consistent over charging and high credit card debt – the credit card debt is high, but was afforded before the abrupt situations these women are tending to face with their personal debt.

The two top reasons for debt trouble in the older women used for this debt free report state that divorce (relationship break ups) and loss of employment are why they are faced with debt trouble.

Then, the report goes on to address the growing number of younger female who are simply living beyond their means by acquiring credit cards and get into high credit card debt that they can no longer afford once the bills come rolling in the post. The need for these younger UK females to keep up with the competition and party are the two top reasons for this age group to be in serious debt trouble. It seems that younger women have no real desire to achieve a better suited (and afforded) debt free lifestyle.

The debt free report simply states that women are just not responding to the advice the consumer agency has given them regarding proper financial planning and spending. Are we to believe that many of these women feel that they will be swept off of their feet by some knight in shining amour?

It is believed by our debt free news team that UK women are not having acceptable reason for their debt problems at all, in fact (maybe not so much the younger females) many of the women in debt trouble did not see it coming at all because of the abrupt lifestyle changes that caused their financial instability.

What is vital that consumers understand is that while bankruptcy should be a last resort, in most cases, people (male or female) that are going bankrupt can be clear of debts and repayments after only a year and are at that time able to restart their financial stability. Stigma or not, one must take care of their credit.

Lastly, this debt free report shows that the amount of consumers going bankrupt before September of last year had increased by an impressive 36% from the previous year at the same time.

(632)