Thu 30th Nov, 2006
More and more British Women in debt
The figures speak for themselves. More and more British women are in an unmanageable debt situation. With student loans, credit cards and store cards, as well as higher and higher mortgages, many people are finding debt to be a major problem. While this is true for all sections of society, a lot of media attention is being focused on women in debt at the moment. This is partly because more women live alone these days and are financially independent, while in the past it was usually men and couples who were in debt.
Contrary to what many may think, female debt is not all down to clothes and expensive lunches with friends whilst shopping. While credit cards and store cards are a major aspect of female debt in the UK at the moment, student loans and mortgages are just as much of an issue. Many people assume that if a bank will lend them a mortgage, then they must be able to afford it, and they are very surprised to learn that they are having difficulty repaying their mortgages even when they are earning good salaries and are working in good jobs.
The secret to staying in control of your finances is knowing your income, knowing your monthly outgoings, and keeping within a realistic budget. If you want something, save your money and pay for it outright, don’t put it on a credit card and end up paying for it forever. Unpopular as it may seem, waiting until we can actually afford the things we want may be the answer to a lot of people’s debt worries.