Are Women More Susceptible To Debts Than Men?
Even some families where there are two parents in work are experiencing a tough time financially
. The Netmums survey found that nearly two thirds of households earn less than they did this time last year and are short of money each week. These figures point to the fact that, over the coming years, the requirement for solutions such as a debt management plan are only likely to grow.
Another worrying fact which surfaced as a result of the survey was the statistic that a fifth of mothers do not eat dinner so their children can eat. Seasoned debt management plan providers have spoken to lots of people in the past few months who are in the process of making considerable reductions in their spending in an aim to not fall behind with their repayment plan.
Debt management plan numbers are also likely to be driven upwards if the responses to the survey are replicated in the wider community, as around a quarter of the survey's respondents are now reliant on credit cards to meet the costs of everyday expenses. Another bad omen which points to the likelihood that the need for DMPs will increase more widely is the growth in those relying on short term sources of credit to make ends meet, with close to one in four admitting to using credit cards to meet the cost of everyday items. It is in this way that families are soon in a negative debt spiral, as the amount required for debt repayments erodes away such a quantity of household income that the amount that remains is insufficient for essential expenses such as energy costs. A debt management plan is one option available to those struggling with their debts to negate this type of debt spiral.
One element of the survey that was of a lot of concern to debt management plan professionals was the fact that one in every 20 of those individuals of those surveyed admitted to using a payday loan provider on at least one occasion. The trail of misery that some payday loan companies leave in their wake makes many DMP advisors very concerned, as the ridiculous interest rates charged can create a debt problem that people are unable to escape without the help of formal debt measures.
The situation for women, specifically those with children, seems likely to become even worse before it gets better. It is widely anticipated that around 700,000 public sector workers will be made redundant over the coming 5 years and up to four in five of those working in the public sector are female. Rising joblessness amongst women will inevitably cause debt problems leading to increased demand for the services of debt management plan charities and companies.
It's extremely worrying that certain demographics stand to be excessively affected by the wider economic climate around the British Isles and by public sector cuts in particular. A number of individuals will inevitably turn to short term lenders to keep up with their unavoidable expenses until they can return to work. People who currently have credit commitments may discover that insolvency measures or a DMP may be the only answer to their problems, even when they have resumed a normal working life.
by: Charlie Maine
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