Single Women Should Consider Bankruptcy
Single women who seek debt help should follow the advice of their debt counsellors. If it is advised that bankruptcy is their best option for clearing debt, they should act accordingly.
Nearly two thirds of the UK male population are currently going through bankruptcy in comparison to the two thirds of women who were recommended bankruptcy but refused to go ahead.
Surprisingly enough, more males are becoming bankrupt than women. The girls fight with the stigma attached to bankruptcy and seek alternative solutions which are often drawn out.
One in three said stigma was the main reason for avoiding bankruptcy. Cost was another major factor as many were unable to afford the £475 administration fee.
Women are more likely to experience debt problems as their salaries fail to keep up with their need to be financially independent. Mortgages taken out by single women have doubled over the past two decades and ladies are taking on more debt than ever before.
More and more women are seeking bankruptcy advice but very few are willing to use bankruptcy as a means of wiping the slate clean. As a result, they have missed out on one of the best debt solutions to their problems.
More needs to be done to advise women that bankruptcy can give them a second chance and is also a way of learning from past mistakes. Rather than turning their noses up at bankruptcy, women should realise that it can make all the difference between being able to move on and ending up with years of weighted debt dragging around their heels.
