Tuesday, August 3, 2010

Women and Bankruptcy :: The Numbers are Rising

New statistics are showing that women in particular are struggling with bankruptcy at historic rates. According to The Independent of Britain, women are filing at a rate 28 percent higher than just one year ago. Is there any reason for this disparity between the sexes, or is it just a coincidence?

The issue of the day for women seems to be credit card debt. Many are getting in over their heads, paying the minimum monthly payments, or stopping paying all together when they see that the high interest rates are keeping their balance from dropping at all. Very young women, such as those in college or recently graduated (or college age) find themselves in serious debt.

The Independent notes that women between the ages of 25 to 44 represent approximately 66 percent of all bankruptcies for women. Some experts suggest that the reason for such credit card debt in this age group may have something to do with "role models" who live lavish lifestyles, giving off a high profile image with which no price tag is attached.

Unfortunately credit card companies are not likely to help a young consumer -- in fact, within one or two late payments, APRs can rise to tremendous rates -- 29.99 percent and higher, making it near impossible to ever wipe out credit card debt without some sort of debt relief.

Those who need help from a Vancouver, Washington bankruptcy attorney can call Tom McAvity at 360.828.0110 for a free consultation to begin on the road to financial recovery.

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