Submitted by Rachel R on Thu, 05/23/2013 - 10:08pm
Image Source: businessinsider.com
For those North Carolina families who are experiencing real financial troubles, it can be a struggle to pay bills and still make ends meet. Many people are forced to choose which bills they can afford to pay, while others must choose which bills have to be paid, such as an electricity bill. According to a new study conducted by Callcredit Information Group, more and more women are applying for multiple forms credit as they struggle financially.
When you are in financial turmoil, it can be tempting to turn to credit in order to help make ends meet. For example, you may decide to pay your light bill with a credit card or visit the dentist using money from a title loan.
Callcredit Information Group found that 72 percent of females opted to apply for credit during the last 18 months. This in stark contrast to males, with just 28 percent applying for credit in the last 18 months. Why is there such a large difference between the two?
According to the study, most women say they are applying for new lines of credit to make up for a lack of income or a lower income. Whether this is due to long-term unemployment or being forced to take a job that pays less money is unclear, however, the situations have become extremely common.
Image Source: flickr.com
Some of the more interesting facts that researchers discovered during the study were:
This report was released as the most recent employment figures showed women's unemployment rates have increased to a 26 year high, despite the fact that male unemployment is steadily decreasing.
Image Souce: responsiblelending.org
Comparing these statistics makes it pretty clear that the day-to-day costs of living and running a household are becoming extremely difficult to manage. This is especially true for women and single mothers. In many cases, the financial burden is so heavy, it forces them to look for any form of additional credit they can obtain…no matter the dangers or high interest rates that are involved.
Financial desperation is a dangerous situation and can lead you straight through the doors of a predatory lender. This is especially true if you can’t find a more traditional lender to help you out during an emergency. Using services like payday loans, title loans and reverse mortgage loans only end up digging your financial hole deeper in the end.
For many people in North Carolina, unmanageable credit debt is a huge problem. Revolving loans and massive fees make it almost impossible to regain financial stability. When you file for bankruptcy protection, you have a chance to start over with a clean slate on most of your debts. For example, Chapter 7 bankruptcy allows you to discharge your unsecured debts. This includes credit card debt and other forms of credit. With a Chapter 7 bankruptcy, your debts are erased and your assets cannot be repossessed if the debt is unsecured.
If you are experiencing difficulty paying your bills and making ends meet, try speaking with a trusted North Carolina bankruptcy attorney. Filing for Chapter 7 or Chapter 13 bankruptcy protection could be the best solution to your problems.
Dedicated to helping residents of North Carolina find the best solutions to their debt problems. Don’t waste another day worrying about your debt. Call +1-833-627-0115 today to schedule a free initial consultation to discuss your bankruptcy options.
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