If you are struggling with overwhelming debt in Nashville, whether you are a man or woman may not really matter when you look at the big picture. However, there may be some fundamental differences in the way that each gender approaches money and debt that can give some insight into the problem and possibly help curb future problems, particularly if you are in a relationship and share finances with a spouse or partner.
As in other areas of life, men and women often seek different solutions when it comes to financial struggles. According to Bankrate, men are more likely to earn extra money as a means of paying off debt while women are more likely to cut down on unnecessary spending.
Women are also quicker to seek professional help for their finances then men are. Because women are in charge of the finances and spending in many families, they are extremely aware when a problem exists and therefore may be more willing to seek assistance before things get too bad. However, some men may feel reluctant to seek out the services of a credit counselor until the situation is truly dire.
There are also some key differences in how men and women accumulate debt. If you are a man, you likely have more debt than your female peers and are more likely to fall behind on your payments. At the same time, women typically use less of their available credit then men do. Understanding these differences may help families be better able to work together to stay afloat and avoid serious financial repercussions.