Baton Rouge Office225-769-1414
New Orleans/Metairie Office504-831-1222

Women may struggle with higher debt loads

Women in Louisiana may be at particular risk for a crippling burden of debt. The gender wage gap has been widely debated as a significant political and social issue. Some studies indicate that on average, women earn 72 to 82 cents for every dollar earned by men. At the same time, however, the gap is not only reflected in income but also in comparative levels of debt. Many more women have larger amounts of debt than their male counterparts. For example, women owe an average of $6,000 more on their student loans and almost $2,000 more on their auto loans.

Credit card debt also reflects a gender gap: Women owe about $1,500 more on average then do men while they also have around $1,100 greater medical debt than men. While some of these obligations reflect the different choices made by women with regard to spending and borrowing, in many cases they reflect a lower ability to repay the debt. Ongoing lower incomes over the years can cause women to fall behind in paying back their debt.

People can benefit from working hard to get out of debt, such as taking a second job. In general, bills with the highest interest rates should be paid off most aggressively. Some people can achieve a great deal of success by cutting back on expenses or angling for a promotion at work. The results can be different, though, for people buried under a truly insurmountable pile of debt, especially medical bills or revolving consumer debt. Late fees can add up while collector calls create additional stress in people's lives.

For people struggling with debt that they cannot repay, there are options to find debt relief and a road to a new financial future. A bankruptcy lawyer may help people find the right options for their situation, such as filing for Chapter 7 or Chapter 13 bankruptcy.

No Comments

Leave a comment
Comment Information