Pay inequality contributes to single women having more debt
South Florida Business Journal
Date: Friday, September 28, 2012, 2:18pm EDT
Pay inequality has been found to contribute to single women having more debt than single men, according to an examination of more than 60,000 Consolidated Credit Counseling Services client records nationwide.
"In order to make ends meet, women have to stretch their paychecks much more than men, incurring credit card debt quite often,” Consolidated Credit Founder Howard Dvorkin said in a statement.
According to the Bureau of Labor Statistics, women earned 81 cents for every dollar earned by men in 2010.
Dvorkin has the following advice for women in debt:
• Negotiate salary: Before going to a job interview, women should research pay rates for the type of work they intend to do.
• Pay off one debt at a time: Women should make the minimum payments on all credit cards and put the extra cash towards one debt. To select the debt they want to tackle first, women should look at the one that has the highest interest rate.
• Invest in the market : Joining an investment club with other women could be a great start. It is inexpensive to get started, and it helps single women make better decisions about their retirement funds.
• Get credit in shape: Women should check their credit reports at least once every year and correct errors if necessary.
• Total up all monthly expenses: One of the most common problems people run into when calculating their monthly expenses is forgetting about the little things. It's important to include hair appointments, gym memberships and morning coffee costs in monthly budgets.
Dvorkin recently partnered with some investors to co-found PowerWallet, an online service to help people manage their money and plan ahead
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