An industry expert has recently expressed concern over figures that indicate women are getting into unnecessary debt on credit cards and through other forms of finance simply because they want to maintain a certain lifestyle and because they want to have total financial independence from their partners. This is according to Georgina Earle, director of Women In Debt.
Earle claims that many women are running up debts on credit cards because they want to maintain a lifestyle that is no longer sustainable in the current financial climate and because they do not have the ready cash to fund this lifestyle they have become more reliant on credit to do so. Fierce independent streaks when it comes to finance has also aided the increase in debt and whilst women do have less debt than men in general they tend to use more costly forms of borrowing such as credit cards and store cards.
She also said that the fact women were now more easily able to get credit cards and finance due to better jobs and higher wages was another contributory factor, stating: “More females have been able to secure credit based on better jobs, higher salaries and if they got into difficulty there was always equity readily available in the home. However the past few years have seen a huge change and I believe that women will fare the worst.”
She added that women who had accrued a lot of credit card and other debt, on top of the debts that they may have in joint names with their partners, may want to seek financial advice in order to stop the situation from spiralling out of control.