A new study has found that women are less confident than men that they can pay off their credit card debt. Specifically, it found that 26% of female respondents expressed doubt that they could pay their balances in full this month. Only 14% of male respondents felt the same way when asked that question. On average, women in Tennessee and throughout the country make 80% of the median annual income that a male does.
This means that they need to devote a larger percentage of their income to paying down their current balances. Furthermore, women who are raising children on their own may need to rely on credit cards more to make ends meet. Another explanation for why women seem to have a harder time paying down credit card balances has to do with a relative lack of financial literacy.
It has been noted that retailers catering to women tend to offer bigger discounts in exchange for making purchases on credit. It has also been noted that magazines that are popular with women spend less time talking about financial literacy and how to manage money. However, women may not be the only ones struggling to pay off their credit card balances. According to the Credit Card Confidence Index report, only 20% of Americans pay their balances in full each month.
Filing for bankruptcy may allow a person to obtain a fresh financial start. In some cases, debts may be eliminated in a matter of weeks, and secured debts may be reorganized and paid over a period of several years. During the repayment period, an individual may be allowed to remain in a home or retain ownership of a vehicle. During a bankruptcy proceeding, creditors are generally unable to contact debtors or file lawsuits against a debtor.