While many people may be generally hesitant to ask for credit help or even contact a credit repair law firm, genders may tell their own story. Women may be more likely to ask any number of people for advice on financial topics than men.
Not only are women more likely to look to someone for this type of advice than men, but of those women who sought out help, 90 percent did something about their predicament, according to a report from TIAA-CREF. This includes many topics, including altering retirement portfolios and putting more money in the bank.
However, while women are more prone to look for help, there are still hurdles that they need to overcome to gain the confidence to do this. The report explained that close to one-third of women feel they don't have enough time in their schedules to go out of their way for financial advice. Close to half of those polled explained that legitimate advice isn't something that they would be able to pay for in a reasonable manner.
"It's encouraging that women are willing to take action after they receive financial advice, but the fact that so many women say they don't know where to look for advice and don't know whom they can trust shows there's more work to be done," said Cathy McCabe, managing director for TIAA-CREF. "It's critically important we begin to reach women with the information they need in a way that is truly relevant to them."
Women also value their long-term financial outlook more than men, as the report explained that 50 percent of those women polled said they felt that they will fall short of their financial goals for retirement. Typically, women live longer than men do, and properly preparing for the long-term is important.
"We've seen in many of our families women are the bill payers, the managers of the day-to-day household finances; they are trying to make ends meet during these difficult financial times," said Rosario van Daalen, human resources officer at the University System of Maryland. "Too often they don't think about themselves and aren't saving and investing enough to retire."
Credit card balances to grow during holidays
While women are more likely to get help, most consumers may need to be more careful with their financial limits during the holiday season. A report from TransUnion noted that more consumers are spending on their credit cards as the year closes out.
Credit card debt per borrower will likely rise to more than $5,000 at the end of December, MarketWatch explained, citing the credit rating service. This is slightly higher than the figure recorded during the end of the third quarter. However, the latest projection should jump another 8 percent to $5,446 in December 2013.
Meanwhile, overall debt for credit cards next year may reach levels not seen since 2009, according to TransUnion. There also may be a rise in the level of card accounts that are delinquent for more than 90 days. This figure did not rise significantly this year. In fact it was actually at its lowest level in nearly 20 years.
"Some of this can be attributed to credit-card delinquencies so low that at some point they were bound to increase," Steve Chaouki, group vice president for the financial services business unit of TransUnion, told the news source. "A more significant factor may be that credit-card originations have been increasing in the last few years, and with that increase we have seen nonprime borrowers receive not only more credit cards but also comprise a larger share of new credit cards."
Personal income improves in October
Despite some concerns of rising credit card debt, some consumers may be in a better financial position to pay down their accounts. According to a report from the Department of Commerce, the total level of personal income rose $400 million in October, which was nearly 0.1 percent higher than in the previous month.
The level of disposable personal income rose $800 million that month, which was also nearly 0.1 percent higher than the previous month's figure, the report added.
Consumers who are struggling with their savings and credit debt could get themselves into a tricky personal finance situation, if they are not already struggling. However, there are many options available for consumers to get themselves back on the right financial track. If the process of improving a credit score seems like something that is too hard to do on their own, it may be time to contact the Lexington Law Firm.