Debt Advice for Women
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By Bromwich+Smith Staff | 545 words | Reading Time: 2 minutes, 38 seconds | Date: 2022/03/11
We know that financial challenges can have a great impact on our well-being, causing enormous stress. To alleviate this stress we are outlining advice that can help women no matter what stage you are at financially. These tips can also be considered preventative as well.
Some situations we are considering as we share this advice are:
- That you just graduated from college and want to pay off your student loans.
- Perhaps you are a mother trying to balance work and career while struggling to make ends meet.
- Or, maybe you can see retirement on the horizon and are concerned about financial security.
The truth is, sometimes just paying the bills can be hard, right? And, it can be even more difficult if you have a family to support. Whether you are barely scraping by and living paycheck to paycheck, or facing down an overwhelming mountain of debt, financial stress can affect every aspect of our lives.
If you’re feeling the pressure, you are not alone. A recent National Debt Relief survey found that more than 60% of women carried credit card debt, as opposed to 33-36% of men (depending on the age category). Similarly, several statistics are showing that in the last couple of years, more women than men have filed for bankruptcy.
So, how do you turn things around? As a woman, we know you can break the cycle and take control of your money. Financial freedom doesn't have to be a dream, it is possible. We hope these tips will help you.
Recommended Debt Advice Tips
1. Educate yourself financially. Talk to a financial adviser. Learn about the importance of terms such as credit score, debt-to-income ratio, or compound interest, and how these things can affect your financial strength. In the end knowledge truly is powerful.
2. Develop a Budget. Building a strong financial future involves planning, strategy, and problem solving – things that most women excel at. If you can run a household, planning a budget is easy.
3. Find Other Sources of Income. If you can afford the time, start your own home business to supplement your income, even if it’s only a couple of hours in the evenings or on weekends. Ultimately, explore your options, call on your skills, and find a way to put your talents and abilities to good use.
4. Consider Debt Relief Options. Sometimes, even the best of budgets are not manageable. It may be time to consider credit counseling, debt counseling, debt consolidation, debt settlement or even bankruptcy. If you decide this we are here to help.
5. Change Your Mindset About Money. To achieve financial freedom and security, you need to change the way you look at money. You must view it not simply as a way to meet your immediate needs, but also as a tool to build your future.
6. Commit to Staying Out of Debt. Tips like developing smart spending habits, having an emergency fund, using credit cards wisely, following a financial plan, or being accountable to someone else so the debt cycle stays broken are key elements to keeping you out of debt.
Even with these tips we want you to know you are not alone, we're here to help. Call us today to receive an initial free, no obligation, confidential consultation by phone 1-855-884-9243. You can also request a call. Let’s see you flourish!