In 2019, consumer debt in the US was almost $14 trillion.
That’s more than $40,000 for every man, woman, and child.
Of course, children don’t have any debt, so that figure must be split equally between men and women, right?
Or is it the case that the typical American woman has greater than average debt? Read on to learn more.
Do Women Have More Debt?
The short answer, sadly, is yes.
According to a survey by Comet Financial, women owe more than men across a range of debt categories.
- The average woman has more than $30,000 of student loan debt, compared to just $24,000 for men.
- She owes more than $12,000 for car loans, compared to $10,000 for men.
- Her credit card balance is $6,500, compared to $5,000 for men.
- Her medical debts are more than $4,000, compared to $3,000 for men.
Add those up and it means that the average woman could owe around $10,000 more than the average man.
Why Is This the Case?
Shocking, right? What is the reason for such a large difference?
Possibly the biggest factor is that other horrible statistic: the gender pay gap. The average woman earns around 80% of what her equivalent male counterpart makes. In some parts of the country, it falls as low as 68%.
The simple truth is, if you’re earning less money than men are, then you’re not going to have as much left over to pay off your debts. It’s a vicious circle too, because the more debt you have, the more of your income will go on servicing that debt. That means the problem will only get worse.
What Can You Do About It?
The first thing you might want to try is asking for a fair wage. Speak to your male colleagues about how much they get paid. If your pay packets are different for similar roles, then it’s time to go and speak to your boss.
If you can’t increase the amount you earn, then you’ll need to focus on paying off the debt as quickly as possible. If you have a lot of debts, you may be able to save on your monthly repayments by consolidating them into a single loan. Sites such as Debthunch can offer products that will leave you with a single manageable repayment that will get you debt-free much quicker.
If this isn’t possible, then focus on paying off the debts with the highest interest rates first. The sooner you can pay these off, the lower your repayment burden will be.
Want to Learn More About the Typical American Woman?
The typical American woman may have more debt, but she also has a lot of things going for her, too.
Why not check out some of our inspirational stories and articles about women? We also cover everything from books and beauty to perfumes and parenting. Whatever you’re looking for, we’re sure you’ll find something you love.
Feel free to take a good look around.