Credit Card Debt-Specifically Dealing With Women

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 Couture of men is not considered outdated say within a year itself.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.