Incomes naturally vary among individuals in Texas, but on the whole, gender influences income and levels of credit card debt. The Federal Reserve System has calculated that women have a median salary of $41,554 compared to men at $51,640. Lower income translates into higher credit card debts. A recent study found that 26 percent of female credit card holders doubted that they would pay their full balances this month. When asked the same question, only 14 percent of men doubted that they would pay everything on their credit accounts.
Single parenthood exacerbates financial problems for many women. An analyst at CompareCards said that single mothers faced the greatest challenges. They had a greater likelihood of turning to credit cards every month to make ends meet.
Culture might discourage financial literacy among women as well. The CEO of a financial wellness company noted that women's magazines and other media do not focus on financial issues or personal finance whereas men's magazines have a greater emphasis on money matters. Retail stores that cater to women also impose debt burdens by encouraging shoppers to use high-interest cards issued by the stores to make purchases.
A person falling behind on bills, especially credit card bills, who sees little possibility of ever overcoming debt could explore bankruptcy. A conversation with an attorney may inform a person about how to qualify for bankruptcy protection and which debts might be discharged. If this course of action appears likely to help a person escape a downward debt spiral, then an attorney may file the necessary court papers. The oversight of an attorney might limit a person's chance of making paperwork mistakes that cause a court to reject a case. When successful, bankruptcy may grant a fresh start to a person.