Credit cards are financial tools that we have all come to rely on more and more over the years, particularly during recent years where the financial climate has led to more and more people having to turn to their credit cards for various reasons. However, it seems that women in particular are relying a little too much on their credit cards, which could lead to huge problems.
One industry expert has expressed concern that many women are running up excessive credit card debts simply to maintain a lifestyle that is not sustainable and which they cannot realistically afford. Georgina Earle, director of Women In Debt, said that one of the things that was resulting in women running up more credit card debt was their strong desire to have total financial independence from their partners. Whilst women are said to have lower debt levels than men in general, this is counteracted by the fact that many use more expensive forms of borrowing, such as credit cards, store cards and catalogues.
Earle said that women had found it easier to get credit over recent years based on getting better jobs and earning more money, which had put many more women at risk of running up costly credit card and other debts. However, she added that things had changed dramatically in the financial markets over recent years and that women could end up struggling as a result of this.
She was also concerned that in addition to their own individual credit card and other debts, many women also had shared additional debts such as mortgages and loans that they have taken out with their partners. This is putting even further strain on the finances of many women, who are having to deal with paying towards joint debts in addition to clearing their own individual debts.