Sunday, October 7, 2012

Women Using Payday Loan Lenders and Credit Cards More Than Men

Recent results from a PEW study showed that single young women are leading the pack with getting money from payday loan lenders. Well, they came out on top in a study done by Consolidated Credit as well. It seems that single women are more likely to rack up credit card debt too.

Consolidated credit has records which show that 70% of the callers, in the last six months, looking for help with credit card debt have come from women. One of the reasons discussed that came out of this finding is that women are still facing a pay wage gap. Women are earning about 81 cents to a man's dollar. This will make them have to stretch their money further each month. As the pay gap does play a role in many lives, it is not the major reason.

A man and a woman get their own apartment. Rent, security deposit, paying utility turn-on fees are some of the start-up costs where the gap in pay could make a difference. The difference in cost of moving between the man and the woman, at this point have been similar, but in many cases, it is just the beginning.

Have you ever heard of a bachelor pad? What comes to mind? Does a pretty plain apartment with furniture to sit on, a television and lots to drink in the refrigerator come to mind? There isn't much else important to most men who work full time and live alone. On the other hand, a woman will take shopping a bit further and want to have things to decorate. In order to make the rooms feel like home, decor is important to most women. A woman will spend more to set up the new apartment. Herein lays an example of how women are more likely to spend more money than a man. Of course this is a generalization, but it is not the only aspect of credit card usage. Clothing, shoes, jewelry, make-up, hand bags and more can create credit card debt quickly.

This money option is one to use sparingly and only to help make an on-time payment. If a paycheck is still a week or more away, the payday loan lenders will be a best option only if that upcoming income will cover the cost to pay it off. These lenders will give out a loan and not ask questions as to what the money will be used for. This is the responsibility of the borrower to use the money on something to help their finances, not decorate a wall.

It sounds harsh, but so are the consequences if you are not able to pay the loan off on the original due date. Payday loan lenders online lend money to people without a credit check. It is a high risk loan with fees and high interest attached to outstanding balances; it is not the best route to take for purchasing wants.

1 comment:

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