The cycle of debt continues to plague women today

I like to look at trends over time, so I wanted to circle back on this topic now that it’s been five years to see if women have improved their financial situations. Did we break the cycle of debt? What do you think the numbers show today? Sadly, there’s still a wide gap in debt levels between men and women. But why?

• One category in particular, student loan debt, has women at an increased disadvantage over men with student loan debt: it takes women longer to pay off their debt because of the gender pay gap. So not only do we get unfairly shorted in our paychecks, but we also get saddled with debt longer as a result. Shockingly, women hold two-thirds of student debt.

• Credit cards are another obvious problem. More than one-quarter (26%) of female cardholders say they are “not at all” confident about their ability to pay off their bills in full — only 14% of men had the same concerns. And again, the gender pay gap is a contributor to this scenario, considering the median annual income for women is 80% of men’s earnings.

• Finally, single moms often face increased financial hardships. Did you know that 37% of families led by single mothers nationwide live in poverty? And 90% of welfare recipients are single mothers. I wasn’t able to find stats on their debt levels, but it stands to reason these women have some amount of debt to their names — or at the very least, they live paycheck to paycheck, on the brink of debt if they receive an unexpected medical bill or need a home repair.

While it doesn’t look like these three factors will change anytime in the near future, that doesn’t mean they are an excuse to just live your life riddled with debt, either. A lack of financial education and poor spending habits makes it even harder for women to break the cycle of debt.

If you want to break the cycle of debt and money problems in your life, now is the time to invest in your financial education, get your side hustle going, and generate the life you want to live—rather than relying on the credit card companies to help you do so.The moment you decide to change your mindset, you’ll be focused on a brighter future.

Are You Ready For A Change