How To Reduce Credit Card Debt With Relative Ease





Hello to everyone! As a working woman, I know how important is to leave without one or more credit cards. Today I have some important information for you about how can you reduce your credit card debt. Especially we working women earn our money hard. We must learn to live without incurring unnecessary debt. However, these rules are no different for working men.

How To Reduce Credit Card Debt With Relative Ease

For starters, having a low income is not the only issue that leads people to struggle to make ends meet. According to some studies carried out, it reveals that working women are rapidly turning to debt as a means of survival, even to their detriment.

This is not so surprising as more than half of insolvency filings are carried out by women. However, the shocking fact is that women have nowhere to turn to but bankruptcy even for very low debts.



It will shock you to note that women who file bankruptcy with debts are one-third less than their male counterparts as insolvent debtors. Understand that the reason why such keeps happening revolves around the fact that:

•          The women used for most of these studies earned an average of ten percent less than the male debtors

•          One in every three female debtors was divorced when compared to having only one in four male debtors

•          The female debtors were four times more likely to be single parents when compared to male debtors

•          And, the female debtors were likely to still be owing student debt with bigger unpaid student loans than their male counterparts.

With the statistics up there, we can paint a picture of a single female parent desperately trying to boost the life of both herself and the kids. However, she ends up struggling to pay her debts on a very low average income.



It has been stated over time that women are more than likely to make use of payday loans and some costly debt alternatives as their temporary solution.

The reality is that more than one in five women that declared insolvency took a minimum of one payday loan when they were filing.

While society keeps trying to close the gender gaps in marriage, the office, and parenting, the 2015 National Debt Relief Survey of one thousand one hundred and seven adults having credit card debt revealed that the major difference between women and men was the credit card debt they had.

In other news, while thirty-six percent of men between the ages of eighteen to twenty-four had some credit card debt issues, a whopping sixty-three percent of women in a similar age group had the same credit card debt problem.

Reducing Credit Card Debt



Nevertheless, even with these statistics, some of the ways women can reduce credit card debt with relative ease include:

1.         Have an idea about negotiations

The 2010 study carried out in the Journal of Personality and Social Psychology revealed that women are not as assertive as most men when it comes down to negotiating their beginning salaries.

With this lack of negotiation skills, women fall under a pay disadvantage from the first day at their jobs.

Although there are companies that have banned these salary negotiations to close the gender pay gap, women that find themselves outside of these companies should learn the best ways to negotiate.

2.        Understanding credit card terms

Have it in mind that credit cards are not totally evil and there is always a place and time where you can brilliantly make use of them. But, it is vital to set out time to understand its terms and the fees associated with it before you start swiping.

If you want to learn more details about reducing your credit card debt with relative ease see more.

3.        Avoid having plenty of credit cards

If you never knew, the usage of diverse credit cards will make it pretty easy to rack up lots of debt. Though it gets tempting when you want to get a card for every one of your favorite stores, the reality is that it leads to problems along the line.

It is best to get yourself limited to roughly one or two general credit card usage.

4.        Have a budget and stick to it

The simplest way to avoid having credit card debts is to irrespective of your age, stick to a specific budget. At the start of the month, decide on how you will be spending your money and stick to that decision.

Another interesting article with a step-by-step guide is here.

Conclusion

On a general note, with the few steps we have outlined in this article, women of any age can successfully cut down on these credit debt and start closing all of these troubling gender gaps.

Read also:

7 Tips To Save Money

6 Tips For More Money at The End of The Month

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