Several Reasons Why Good Women Are Often In Bad Debt
Well, fashion spending is not the only reason of debt in case of women, which is the usual belief among most of the people. Though it is a universally accepted fact that women love fashion more and therefore spend more on it, but other contributing factors are also strong enough to lead working mothers, grandmothers and sisters into dire financial conditions. The question that may arise in mind is that what is the reason that why is it so that women get stuck to over-indebted accounts and bad credit. You will be surprised to know that there are emotional factors in it as well.
Burdens Of A Single Mother
There are several reasons for a single mother to face acute financial stress. It may be due to the reason that there is a lot of bad debt of the deceased husband which was inherited due to lack of any testament, or it may be so that there are a lot of legal expenses for divorce and child support disputes. The income of the mother may be low and do not meet the rapid inflation in crockery and utility bills, and failure to launch syndrome may also be the cause. To follow the demands of the young-adult children, struggling to maintain own independence may be the result as well. Add to it the unforeseen but essential bills and expenses can also lead to uncontrollable debt.
Putting Loved Ones On Top
The emotional factor of women also leads to an overgrowing debt pile as it leads to the extra care and attention that women tend to give to their loved ones in the family. One common factor is the tendency to go out of the way to provide the best opportunities for extracurricular activities which result in extra expenses. Women in their middle ages are often sandwiched between the old and the young generation having to support both, parents and children as well. This is a very harsh modern reality which is leading women to financial instability. It is also found that signing for surety for loved one’s loan has often backfired for such caring women.
Love For Lovely Things
Women are also known to follow fashion trends of people from the higher strata and thereby end up in buying and spending more on unnecessary items like clothes which they will seldom wear. There is no use of a proper and planned shopping list, and even if there is one, it is not followed diligently often ending up buying additional items regularly. It is found that the economic behavior and regulatory role of emotion have often resulted in impulsive buying leading to major debt trouble as well.
Know The Ins And Outs
Often women are also very careless about finance management and its products and consider it is a man’s job to budget and does not consider the financial status of their partner as well when they get involved. It is also possible that women who want to take a loan from a lender may fall into some trap of dodgy investment not knowing the ins and outs of the financial product. Thus, it is important to learn well before going for any such financial matters so as to keep yourself way from getting trapped.
Women these days commonly use credit cards and in many cases it is seen that they face credit card debt issues. No doubt it is common but a smart women comes out of the situation by checking out for the best way to pay off credit card debt and going for it. You can look for such ways online and solve your debt issues in a smart manner without much trouble.