Women and creditA new study released on June 24 highlighted some troubling facts about the financial awareness and stability of today's American women. The research, conducted by Harris Interactive for the Lending Club, found that only 65% of women knew their credit score vs. 74% of men. What's more, only 72% knew the interest rates on their credit cards, compared to 84% of men.

"Even with reform in Washington, it's not enough," says Jennifer Openshaw, chief consumer adviser to Lending Club. "People need to take ownership of their money. Traditionally, men have handled the larger finances so women haven't gained that experience," Openshaw told Walletpop in a phone interview. As a result, Openshaw says, they're now vulnerable in the event of death or divorce.

"In the event of a divorce, a woman's standard of living will drop 15% while the man's will rise 10%, according to one Harvard study," Openshaw says. "Most women aren't aware of that fact." Another chilling statistic? The average age of widowhood is 57, according to Openshaw. "It's not just a wake-up call, it's a crisis alarm. I talk to women all the time who are hanging by a financial thread," she says.

Openshaw says women need to embrace their negotiating prowess to start off on a good financial footing. Women should ask for better interest rates and loan terms when dealing with a credit card issuer or other lender. Succeeding in these requests will improve financial stability. Think of the lending universe as more like a flea market than a big-box store; haggling is perfectly acceptable.

Next, women need to be aware of their partner's financial situation and work as a team when it comes to paying bills and making major financial decisions. Openshaw warns that handing over the financial reins can lead to unpleasant surprises if a spouse is delinquent paying the bills or runs up debt their spouse knows nothing about.

Finally, women should know their credit score. Too many don't think to ask when they're sitting in front of a lender, but it's a simple question that can lead to greater empowerment. "Most Americans will be forced at some point to be solely responsible for money," Openshaw points out. As it turns out, though, the key to financial security isn't money; it's knowledge and the willingness to speak up and demand the information and the treatment they deserve.

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Dereck

Do yourself a "HUGE FAVOR" and carefully read this:

The 21st Century Act: Final Amendments to Regulation CC Section:
"Prohibits" reimbursement of Credit, Loan, and Finance Balances to a "Bank Entity" leaving only "Nonbank Consumers" able to receive reimbursement, as specified on Pages 85 and 86.

The 21st Century Act states on pg. 85 and 86 that "Only Nonbank Consumers can suffer losses and File for
Re-credit or Re-claim on any Accounts under the Federal Reserve System" also “Any Second or Third Party Presenters utilizing a Banks Documentation, Contracts and/or Agreements to seek Claims shall be considered to be that Bank under the Rules and Regulations”, the Expanded Definitions also includes Credit Cards and Home Equity Lines of Credit.
Also on Pages 100 and 101 "In any Financial Claims the Indemifying Bank (Parent Bank) must be Identified".

(Left-Click to Search Link)
21st Century Act: Final Amendments to Regulation CC http://www.federalreserve.gov/boarddocs/press/bcreg/2004/20040726/attachment.pdf

This Federal Law signed January 1, 2006 makes it "Fraudulent" and therefore "Illegal" for the 3 Major Personal Credit Reporting Agencies: Equifax, Experian, and TrasUnion to allow the Banks and the Banks "Third Party Presenters" to place any claim of "Negative" or "Potentially Negative" Accounts on your Personal Credit Based upon the fact that they have no "Legal Grounds or Claim" to the Money.

This is an "Unfair Practice" that diminishes our Financial ability to support ourselves and adversely affects our ability to gain work in many areas which breaks "Antitrust Laws".

These Rules also back claims of: "Aiding and Abetting" Racketeering and Extortion (of Finance Accounts and Personal Credit Reports), Pandering (of Credit and Loan Accounts, and Conspiracy to wit), Theft, Fraud, Federal Mail Fraud, and Telephone Harassment. Also "Threatening of the U.S. Financial Infrastructure", which is a "Capital Crime".

In order to engage the Federal Trade Commission to act against this injustice we must File many Claims, as these Reports must be Filed by a large number of people in order for the Federal Trade Commission to pursue
"Legal Action".

(Left -Click to engage Email Address)

antitrust@ftc.gov

This is way easier than "Occupying Wall Street"!

March 11 2012 at 5:01 PM Report abuse rate up rate down Reply