Single mums are struggling with debt with many falling into rent and mortgage arrears, Debt Advisory Centre research has found.
Single mums are struggling with debt with many falling into rent and mortgage arrears, Debt Advisory Centre research has found.
The service found that more than half (53%) of single mums struggle with debt compared to 29% of married mums.
Alarmingly two thirds (69%) of women now rely on credit to fund their lives.
The most common form of arrears for struggling women is with rent and mortgage payments.
A Debt Advisory spokesman said: “For a growing number of women who are using credit to fund their lives, making debt repayments has become unmanageable. Typically having lower pay than men, being more likely to take time away from work to care for families, and unexpected life events such as relationship breakdowns or redundancy, is impacting women’s ability to successfully manage money.
“The stress caused by spiralling debt is affecting every aspect of women’s lives from their physical and mental health to their relationships with loved ones and even their employment. Our research found that around half of women with problem debt cut back on essentials such as food, clothing, heating, and travel costs, to enable them to meet their debt repayments.”
Two thirds of women with debt problems have suffered from both physical and mental health issues because of the stress.
