Credit Counseling: Closing the Debt Gender Gap

Jeanne McTaggartCredit Counseling

Credit Counseling

When it comes to credit card debt, the burden is one affecting men and women, but women tend to carry more debt. By receiving credit counseling, members of each gender receive benefits that help them improve personal finances. According to a recent article by usnews.com that cited National Debt Relief survey, only 33 percent of men carry credit card debt versus 66 percent of women. The male and female differences related to money often create friction in a relationship or marriage. With credit counseling, wives and husbands gain insights to help them each contribute more to the financial solutions, goals and shared plans.

Paying off debt

With a debt consolidation plan, your credit card debt will quickly start to shrink. A National Debt Relief survey found women tend to carry more debt compared to men no matter what their age. Sixty-three percent of young women carried debt compared to 36 percent of young men in the 18 to 24 age category. In the 55 to 64 (baby boomer) category, 66 percent of women versus 33 percent of men had credit card debt. By consolidating debt, you can close the debt gender gap as a woman.

Earning more money

Some experts point out women earn less money than men. In fact, women now make 81 percent of what men make. With credit counseling, you brainstorm ways to budget and earn more money. For some females, the answer is to start a side gig by monetizing a hobby such as painting or consulting. Experts point out many women also fail to negotiate their starting salaries or ask for pay raises. A credit counselor will give you the confidence boost you need to ask for that raise.

Following a budget

Whether you are a man or a woman, the key to staying out of credit card debt is to stop spending more than you earn. With credit counseling, you become a master of budgeting and tracking spending. You can include a debt management plan monthly payment into your overall budget. With proper guidance, the monthly payment to repay your creditors will not interfere with day-to-day expenses for food, rent or mortgage and other essentials.

Do you want to know more about debt and how you can make smart financial decisions now that will help you secure a more prosperous financial future? Sign up for our newsletter for monthly money tips.

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