Chicago Bankruptcy Attorneys Say Marriage No Longer Means Economic Benefits for Women
Bad news for married women (or good news for men): wives are no longer seeing the economic returns that they once did from marriage, Chicago bankruptcy attorneys say.
On the upside, women have come a lot way since 1970 and earlier, back when marriage meant a significant boost in income courtesy of their husband. We've surpassed our male counterparts in both education and salary over the past four decades. More men than ever are married to women who earn more than they do and, vice versa, more women are married to men who earn less. In fact, nearly one-quarter of women earn more than their husbands today, compared to a measly 4 percent in 1970, according to the Associated Press.
But there's still a major inequity. Though we've been increasing our earning power, women are still earning just 78 cents for every dollar a man takes home. And much of that hard-earned income is going to bills for debt.
With the job market down in the dumps, woman who escape layoffs themselves often have husbands who aren't so lucky. That means more women are becoming the sole breadwinners for their families, an admirable position but also one that comes with a lot of pressure. And that pressure is increased by the fact that most Americans are thousands of dollars in debt.
But, unlike many folks seem to believe, even the largest debts don't have to be permanent. If ever there was a time to wipe the slate clean, this is it. Look back at your most recent payments and see if there's anything you can cut out: expensive coffee drinks, sodas, club memberships, magazine subscriptions, you get the idea. Wasting five bucks a day here and there seems like small change, but it adds up to almost $2,000 extra a year. Instead, put that money towards paying down debt. You'll lower your principal balance and the interest you're paying on it.
Now, if you're already scrimping and saving, you might not have many luxuries left to cut out. If that's the case, don't keep suffering - get help! For instance, how about trying a free personal debt analysis with a DebtStoppers' professional bankruptcy attorney in Chicago? For not a single penny, you can find out if bankruptcy can make eliminating debt more affordable - and you can get the answers to any questions you may have about the bankruptcy process or your particular financial situation. Our roles might be reversing, but it's still up to all of us - men and women - to take responsibility for our finances. And today, fortunately, help is more available than ever.