Women More Likely to Seek Credit Help

Based on information from various credit counseling agencies operating in Florida, women are more likely to reach out to debt counselors and other agencies to get help dealing with personal debt issues. Women currently make up more than 62% of the client base at one of the largest credit counseling agencies in Florida as reported by the Orlando Sentinel.

Many of the clientele are single mothers or divorcees trying to make ends meet as the Head of Household. A credit scores and histories are being relied on heavily by a number of industries women are seemingly taking a proactive measure to get their finances back on track. The women are faced with the daily pressures of family life, eliminating debt, and keeping food on the table.

During the recession between 2007 and 2009, many male workers had their jobs eliminated with 4 millions jobs lost in construction during that time. These downsizing measures and significant job losses spurred women into becoming the chief or sole breadwinner of the family unit.

Along with the burden of making more money came the added burden of digging the family out of debt on limited means. For this reason, many women sought out the third party help of a debt counseling agency to develop a budget and a plan for financial stability. Women feared losing the roof over their family’s head and went to counselors in hope of some definitive help.

One big trigger to move women in the direction of debt help was the practices of credit card companies before the CARD Act was evolved. With companies increasing credit card interest rates at the drop of a hat, many households could not keep up with the rising debt obligations and found it difficult to pay more than the minimum towards the credit card balances they carried from month to month.

While the credit counseling and debt assistance businesses are booming, the economy is still leaving its mark on those stuck under their own collapsing debt ceiling. Credit counseling is one method to help rebuild the financial foundation to prevent the roof from caving in.

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