Statistics have proved that women make up for nearly 85% of the consumer market. This amounts to an enormous potential not only to sell goods to women but also to lure them into the debt trap. Also it has been found that women have a tendency to purchase much more than men as it is they who generally do all the household groceries and other purchases. Women also spend a lot more than men on dressing and grooming themselves. It is not a surprising fact that women enjoy shopping much more than men. All these factors eventually amount to women falling deeper into debts than men.
Compared to women, men are more clear-cut in their views on purchasing goods. They buy only what they require and are seldom seen looking around the marketplace for things that may catch the eye. They perceive themselves as the breadwinners of the family and hence, try to refrain from taking loans. Also when they do take a loan it is generally to purchase a house or a vehicle which are considered as assets.
The number of women filing for bankruptcy in the age group of 18 to 34 is the second highest compared to all other age groups. This is due to the impact of celebrities and actors on the youth. The youth try to imitate these people and end up spending a lot on high end designer labels and other brands. People today are more conscious of their image than ever before, resulting in a fast increasing credit card debt.
Another reason is a corresponding decrease in knowledge or interest in savings or financial management. Also women find it necessary to evolve with the fast changing fashion trends. The situation is not as serious in the fashion world of men. Couture of men is not considered outdated say within a year itself.
Further women also experience an emotional bonding with money. They see it as a symbol of security. Women have a nature of showing their love, aims, independence in the form of money. As far as men are concerned, money is just money. Since from the time they are teenagers boys are given the entrepreneurial freedom while financial ability of a girl is always under supervision. Women treat money as a thing to improve their self belief or bring them joy. These qualities are imbibed since people are young and can be a blessing or a curse depending on how one implements them.
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Frequently Asked Questions
Credit cards vs investment
By: mw | 13-09-2008
Alaskans recently got a large amount of money as an oil dividend. is it better to pay off and close out credit cards or put money in savings? I am not a "trader"type so just want to do the best thing.
How can i repair my credit?
By: shelov | 11-09-2008
i was the victim o fid theft before so much light was drawn to by a member of my family. Not knowing about it until the letter started to roll in i discovered that i have a ton of chrged off items and at least 1 judgement against me. How can i fix this problem? I do not want to persue legal action agains the thief, it will cause even more damage. what steps can i take to restore my credit? i am without an automobile, a home and i've recently been turned down for a job.
Desparately seeking a solution,
S. G. Williams
NY
Debt Reduction Services
By: egute | 09-09-2008
I'm looking for information about a debt reduction service company called Citigroup Financial Services. Trying to find out if this place is legite. I received a cold call.
Property when not married
By: kelsey | 07-09-2008
my fiancee' and I have been together for 10 yrs, though MD does not recognize Common law marriage. House is in his name, though since it's purchse, we split all expenses 50/50. His will indicates I would get the home if he died first. I fear his ex wife would attempt to take it for the children. Anything we can do to to assure this doesn't happen, short of getting married?
Done supporting my unemployed husband.
By: laura | 07-09-2008
I am involved in a Worker's Comp case. Will my soon to be ex-husband entitled to any of the money I recieve? What about long term disability monthly payments?
Extroverted! Interests in television commercials !
By: Betty | 06-09-2008
I'm extremely interested in television commercial ads. I would appreciate some good "starter's" advice on how to approach this persuance. Could you help me please? My thanks, Bette
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