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Women are getting into more debt, warns expert

Expert claims that women are obtaining more expensive lines of credit

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7 February 2012

Women are getting into more debt, warns expert”

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Women are getting into greater financial difficulty now that they can secure more expensive lines of credit, it has been claimed.

Georgina Earle, director of financial advice company Women In Debt, expressed her concern at the current number of women who are seeking debt advice and predicted this trend to continue in the future.

Although women may have reduced their overall debt levels, Ms Earle revealed that they now borrow more expensively using financial products such as store cards.

She said: "More females have been able to secure credit based on better jobs, higher salaries, and if they got into difficulty there was always equity readily available in the home.

"However the past few years have seen a huge change and I believe that women will fare the worst."

A recent report from money education charity Credit Action revealed that personal debt levels fell to £1.451 trillion in December 2011 from £1.454 trillion in the same month during the previous year.

Posted by Jack Ramsey

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