The top reasons why women are in danger of bankruptcy
Women are being hit the hardest by Britain's economic meltdown, figures have revealed. The study conducted by the Government's Insolvency Service discovered that women are being hit almost 3 times harder by the recession than their male counterparts.
People who are classed as being in ‘extreme debt' have a debt-to-income ratio of more than 66:1. This means that effectively, individuals are spending more than 66 times their annual salary every year.
Records show that there are 64,035 insolvent women at the present time, and of these, just over 45,000 are aged between 25 and 49. This is a large percentage of the figures that young and middle aged women account for.
In particular experts say that women who try to emulate the popular ‘WAG' lifestyle by living way beyond their means have been hit harder by recession. These women spend vast amounts of money on credit cards, store cards and even take out personal loans to fund their lavish lifestyles, leaving many in financial dire straits.
In conclusion, the recent figures surrounding bankruptcy clearly show that women are in more danger of financial meltdown than men. Women must protect themselves by cutting back on lavish spending in order to avoid bankruptcy in the future. Shopping in cheaper stores, holidaying close to home, and even cutting out a morning coffee can all contribute greatly to ensuring financial security in the future. These cutbacks also teach valuable budgeting skills which will give these women the right start in disciplining themselves financially.
The Consumer Credit Counseling Service said the majority of its clients declaring bankruptcy are female. The top reasons include living beyond their means, closely followed by the break down of a relationship, loss of earnings and serious illness.
If you feel you are struggling to pay any debts, whether it be credit cards, store cards, personal loans or even a mortgage, Sterling Green can help. We offer a range of financial solutions to help you recover from the recession. We offer debt management plans, tax management programs and even a re-mortgaging service.
Our team of experienced advisers are committed to finding the best solution for you. For a free consultation call us free on 0800 083 2827.
Questions and Answers
As some point in your life, you will get into debt, that's a fact, and you will probably try to find a debt management solution to help get your finances under control. People get into debt for a number of reasons, generally because people live beyond their means. People resort to debt management because they are spending more money than they are earning.
Debt management help UK can add financial contentment to a defaulter’s life.
In these days , we as consumers have a tendency to spend beyond our incomes…we all have plastic money and don't mind paying through it, the result piling debt and huge interest to be paid.Why...am I saying the best debt management plan for easy debt elimination for you… because one plan can not suit every one. A debt management plan which is for an individual may not be suitable for a family of four even for a family of three for that matter.
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If you owe a huge debt to a bank or lending companies, the best way for you to settle these debts is to acquire debt settlement services. There are debt consolidation services that can aid you in providing solutions to your mortgage or credit card debt. You do not have to lose hope, because there are debt counselors that can help you all the way.
Debt management help is a program offered by debt organizations to help those who are having problems with debt settlement. This particular service was created specifically to put debts to a more manageable level and make repaymen
One of the main hurdles that most individuals have to get over when it comes to achieving financial freedom is personal debt. There are a number of things that can help you to create financial obligations for yourself--and there are also a few ways to keep your money in order so that you can become eligible for the major purchases you've always wanted.
Do you have a tough time getting debts from your customers? Maybe it's about time to employ a collection agency in Los Angeles. This will deliver much more convenience on your company's debt managing.
Debt is technically the amount of money owed to a company, person or association. It can be a form of services, goods or cash. Debt can be represented by secured and unsecured loans such as credit card, personal loan and car loans.
Debts refer to amounts owed to someone or to a company. Unsecured loans usually spin out of control and lead to multiple debts. People have a hard time avoiding getting credit cards and applying for loans because of the various companies that offer low interests.
The debt consolidation process is usually sought after by people that are trying to avoid filing for bankruptcy while settling all their outstanding balances. This is traditionally a process offered by specific lending institutions that take all outstanding balances and roll them into one affordable and lump sum balance.
Debt management plans are very useful for people who have reached their pensionable age. It gives them the required funds to clear off their debts and lead a normal life without any hassles.
To avoid debts this Christmas people should think of limiting their spending, avoiding loans from illegal money lenders, buying smaller gifts and avoiding shopping during rush when the prices sky rocket.
Debt management is about to be made more difficult because credit card companies plan to increase their interest rates to all customers, after attractive introductory offers. If you are struggling with credit card or loan debt, Sterling Green can help ease the burden.
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