Articles about Credit Cards

Women Loose Spending Habits Can Lead to Bankruptcy

No secret to anyone that women are more likely to give into impulse buying and spend hundreds, thousands of dollars because "this bag perfectly matches the belt I got last week!", "that white pearl necklace is just what I was dreaming about my entire life!". But these little flaws are what makes a woman a woman. A lot of women use their credit cards for shopping sprees, going to parties, living glamour social life. No wonder that many female cardholders find themselves buried in debt one fine day. And often astronomical debts of $50,000 or more end up in declaring bankruptcy.

The statistics shows that the amount of women, especially young women, filing for bankruptcy is growing rapidly. Credit experts see the reasons for that in easy access to credit cards, instant decision cards, gift cards, department store cards, overdrafts, other loans and in uncontrolled spending.

Many women, as well as a lot of men, believe that declaring bankruptcy is the easiest way to do away with debts. But this position is nearly diametrically opposite to the reality. Bankruptcy has an extensive negative effect on your financial status. The negative entries will stay on a bankruptcy filer's credit report for up to 7 years. And sometimes bankruptcy can turn into a life sentence for a careless big spender.

The history of women and credit keeps some facts that are hard to believe. Some women managed to stockpile 20-30 credit cards together with credit agreements and personal loans. Once they ran out of funds on one bank card, they didn't even think about how to pay off their debt. They would just apply for credit offers again. They did not care about low APR. Most of them preferred rewards cards that could maximize their benefits. The weirdest thing past all understanding is why credit companies kept issuing their products to those women...

The specialists singled out three types of women that can be taken over by the power of credit.

• Young and independent with some of the feminists' views and traits, who like to get the best in life and do not want to restrict themselves in anything.
• Divorcees and housewives who go shopping to allay boredom.
• Older women with too much spare time that shopping helps to kill.

So, do not fall for getting easy money. Living with a stigma of bankruptcy on your credit report is not what you've been dreaming about. So, once you feel like you've gone too far in your spending, take a look at your credit report. When in the line "outstanding balance" you see there a figure that will send a chill down your spine, it is time to stop spending and start taking measures to pay down your debt.

Here is what will help you in eliminating credit card debt.

Get a balance transfer card with 0% APR on balance transfer. This way you will save money on interest. Make up a budget, basing on your actual income. Try to cut your spendings and just forget about unnecessary items you want to buy. Stay away from malls and your favorite boutiques. Find a hobby that does not involve heavy expenses. Start running; read books, find something to your liking. This way bankruptcy ghost will never come even close to your credit report.

Comments

Comments not found