A PEW study shined a light on the fact that woman tend to use a cash advance or payday loan more often than men. A debt management company, which has seen an influx of women seeking debt relief, points out reasons why many women’s finances fail.
Cash advances serve a large percentage of women.
More than 50% of the women who sought out debt relief found that their expenses increased while they fell behind on payments. This is a great example why cash advances were used to make ends meet.
- 21% of these women from the West cited job loss as their main reason for struggling financially.
- In the Northeast, 8% claimed delinquent child support as their cause for financial troubles.
- 9% of the Southern ladies cited poor credit.
- 6% of the Midwest women blamed their financial difficulties on medical expenses.
Besides these regional facts, two other major areas of concern for women’s finances are reduced work hours and a change in relationship status.
Some women seeking out debt relief are only looking for more information. Preparing ahead of time or seeking out financial solutions is a good approach to protect finances. Increased expenses are tough to account for when income remains the same or worse yet, as this study shows job loss or decreased work hours.
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The regional trends listed above are quite concerning. There are many women who support the home all alone. When there are children living in the home and no child support, it makes keeping up with expenses even more difficult.
Those women who get caught up in a cash advance cycle in order to make ends meet are getting help for the short-term but are hurting their finances in the long-term. Lack of credit oftentimes means that credit cards are already maxed out or their creditworthiness will not promote access to additional lines of credit.
Tough components to survive debt and other financial troubles would be to first acknowledge that there is a problem and then seek help for it. Sounds simple, but denial is a tough battle to overcome. Not many of us want to admit that we struggle. Those of us who can at least admit the problem to ourselves find it difficult to let others know in on our secret. With debt comes shame for many, not just women.
Seeking out a credit counselor is a positive step towards financial freedom. Learn about spending habits, ways to cut back, services which can help those who qualify and how to create a budget which will promote living within one’s means.
There are many debt solution companies which target their services towards women. Targeting this audience speaks heavily on the fact that so many women do struggle with debt.
Seek out help to:
- Diminish cash advance reliance
- Create a functioning budget
- Obtain credit counseling
- Find out information on bankruptcy
- Create a protected trust
- Seek out debt management
- Find a loan
For those of you in debt, women or men don’t feel ashamed of your situation. Debt is a rampart financial piece of our nation. You are not alone. There are more and more stories being written about the debt survivors.
Read about other’s struggles and achievements. Use their efforts to steer your own. If it means no more cash advance loans online, then stay away from them. If you have no self-control with credit cards, then cut them up. Apply as many strategies as needed in order to help safeguard your finances.
