Women in Debt
It was believed women were leaving the workplace to take care of the household, not true, women have been leaving the work force due to cutbacks, lay offs and lower wages. Women have on average made less than their male counter parts and due to the recession our country is going through the number of women falling deep into debt has risen.
The average American family has an estimated $8,600 worth of unpaid credit card debt, when we talk about women many of whom are single mothers along with mortgage payments, car payments, education, medicine the average credit card debt for an American family is too much to handle.
Many have refinanced their homes, taken loans out on pension and retirement accounts and still find themselves in the same hole they were in to begin with. Divorce, lay offs have sparked the biggest amounts ever seen for women, whom for most time were not thought of as a financial danger. Today more women are filing for unemployment benefits than ever before and this is due to the loss of employment and higher wages.
Jobs have been moving to other countries, leaving many unskilled and uneducated workers empty handed. Many are going back to school in the hopes that when they come back to the work force they can earn a better living. Meanwhile the debt continues to pile and we see more foreclosures and broken dreams.
Banks and lenders are losing money in unthinkable amounts these days in direct proportion to today磗 economy, making it harder for the unemployed women too find new sources for loans. It has become a domino effect, everyone from the common worker to the biggest of the multinational banks are hurting and there is no relief in sight.
Women in America must now find other avenues to create income to simply meet their basic needs and those of their families. This demographic which at one time was looked at by lenders and banks as probably their safest bet for loans has now seen that status wiped away by our very own economy. It is no longer safe to assume women will pay back the money lent to them, not because they do not want to but simply because they cannot. many women are now voluntarily leaving their jobs to save money on baby sitting, gasoline, work clothes because their wages do not allow them to meet these demands and those of their creditors.
These women have now joined their husbands on a crusade to save money, they are learning to budget better, they grow gardens in their back yards to save on groceries, hang the clothes out to dry as opposed to using their dryers to save energy, etc… these women and their families have come to realize it is a new time for America and that everything we once took for granted is as precious as our very needs to stay out of debt. America and their women will pull through this rough period in our history and will come out stronger from this experience as women are now learning to do.
Dan Delgado is an active unsecured debt negotiator, he has experience negotiating personal as well as business debt. For more information please visit http://www.pemperandgartle.com
Article Author :Dan_Delgado
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