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Women, Debt and the Recession

Women, Debt and the Recession

Traditionally, the world of finance has been dominated by men. Mentions of Wall Street and investment bankers conjure images of power suits and old boys clubs. But on Main Street, the Great Recession has put women on center stage. Women and men alike are dealing with financial stress, threats of home foreclosure and loss of income. One of the major impacts has been the increase in Americans who need extra help dealing with debt. Frequently that debt comes in the form of high interest rates and other fees on credit cards, and a growing number of women are seeking assistance in dealing with this debt.

The providers of CareOne Debt Relief Services one of the nation’s largest debt relief networks, reviewed data from more than 50,000 customers over two separate six-month periods – one stretching from October 2007 through March 2008 and the other from October 2009 through March 2010. The findings demonstrate that the recession has seriously increased the amount of debt women are carrying and it has created a drastic shift in the types of women seeking debt relief.

Among the key findings:

  1. On average, women are carrying significantly more debt now than just two years ago.
  2. The number of middle and upper income women struggling with debt has risen faster than the number of lower income women struggling with debt.
  3. There has been a significant increase in the percentage of widowed and divorced women seeking debt relief.

Download the full report to see other findings.

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Comments
  • re: Women, Debt and the Recession

    I think there is some comfort in knowing I am not the only woman struggling to find debt relief.  Thank you for posting the findings.

  • re: Women, Debt and the Recession

    woolzie,

    You are definately not alone! I hope you find the support and resources of the CareOne community helpful as you go through this tough time.

    Hang in there!

    Suzanne

  • re: Women, Debt and the Recession

    I can certainly say that I never expected my debt to rise so fast after my divorce!!!! I have been struggling to pay the bills and keep my kids in only necessaries for several years now.  I am so glad I found CESI t help me lower my credit card debt and teach me a thing or two about saying "NO" to the nonessentials.  It helps - and hurts - to say "no" to yourself when your little voice sees something it wants.  But it needs to happen.

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