It’s not just a low income that creates the burden of struggling to make ends meet. A recent study by my firm, Hoyes, Michalos & Associates Inc., shows that women are increasingly turning to debt as a way to survive on a modest income, often to their detriment.
Not surprisingly, almost half of all insolvency filings are made by women. What is alarming is that women have to turn to bankruptcy for significantly lower debts. In fact, women are filing bankruptcy with debts that are one-third less than that of male insolvent debtors.