There is a need for financial education for women dealing with financial problems such as credit card debt. Oftentimes they are unaware of their options and don’t know where to turn for help.
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Columbia, MD (PRWEB) May 22, 2012
Women and men alike are dealing with financial stress, threats of home foreclosure, medical debt and loss of income from layoffs or divorce. Contributing to the collective financial stress on Americans is the need for extra help dealing with debt. Unsecured debt remains a problem, particularly for the middle class. These unsecured debts come with high interest rates and associated fees. A growing number of women are seeking debt help with increasingly unmanageable amounts of debt.
CareOne reviewed data from more than 50,000 customers. The findings demonstrate that the recession has seriously increased the amount of debt women are carrying and it has created a drastic demographic shift in the types of women seeking debt consolidation.
Among the key findings:
- The percentage of moms asking for help with their debt increased by 32 percent.
- 33 percent of women had $50,000 plus in debt two years ago; today 45 percent of women have $50,000 plus. On average, women are carrying significantly more debt now than just two years ago.
- The largest growth in woman seeking debt relief assistance came from upper income households, which saw a 38 percent increase.
- Medical expenses were the cause of a 12 percent increase among women.
- The percent change in the share of women in debt rose most drastically for those who are either preparing to enter retirement or who are early into their retirement. These ages also saw the greatest increase in the percentage of women with more than $50,000 in debt.
For this infographic CareOne used customer data to explore the state of debt among women with dependents.
Suzanne Cramer, Social Media Specialist, and blogger for CareOne Debt Relief Services states, “I write personal finance articles for a number of divorce related sites. There is a need for financial education for women dealing with financial problems such as credit card debt. Oftentimes they are unaware of their options and don’t know where to turn for help.”
CareOne offers a variety of resources on their website; including resource guides, calculators, and articles specific to women going through a divorce.
CareOne Debt Relief Services is the nation’s largest provider of debt relief services with over 5 million people helped to date. CareOne founder, Bernie Dancel, once in debt himself, along with many CareOne employees that know what being in debt feels like, are proud to offer a second chance to those struggling with debt. It is this foundation of shared experience that sets CareOne apart from the rest of the debt relief industry. CareOne providers know what being in debt feels like, and more importantly, what it takes to get out. Visit CareOne at http://www.CareOneCredit.com for more information about the brand and services.