45% of women who seek debt relief owe more than $50,000 in debt

Posted Aug 16, 2010 by Jane Fazackarley
A new study carried out by CareOne Debt Relief Services says that 45% of women who seek their help owe more than $50,000 in debt. This figure has increased from 33% in 2008.
A collection of various credit cards
A collection of various credit cards
by Shoot Art, Not Each Other
According to the results, families on high incomes found themselves struggling, no doubt due to the long running recession of recent years and the economies shaky recovery. Also affected were divorced and widowed women. The study also showed that women close to retiring age would consider getting debt relief advice now,while before the recession, they would have been less likely to.
The study entitled "Women, Debt and the Recession: A Snapshot of the Changing Face of Debt in America from CareOne Debt Relief Services," also found that Washington, Maryland, Oregon and Pennsylvania were among the most affected. There was a 50% increase in households who owed more than $50,000 in these four states.
The study was carried out by looking at the data of 50,000 customers. The first set of figures were taken from a six month period in 2007/8 and the second set were taken from October 2009 up unto March this year. It compared factors such as income, age and marital status.
Jenny Realo, executive vice president and chief product officer for CareOne Services, Inc. said:
"The recent recession has impacted almost every family in the country, placing a particular burden on women who traditionally manage a family's savings"
"As a result, we have seen a drastic shift in the kinds of people reaching out for help in managing their debt."
"The recent recession left a lot of people in a financial situation they were unprepared for, as our research shows. Every day we have women coming to us who never thought they would need help paying off credit card bills or other debt. But something in their lives has changed, and they are finding they need help, whether that means creating a household budget for the first time or getting some assistance in managing their debt."