Oregon residents and others may be aware of the wage gap. However, they may not know that there is also a debt gap between men and women. On average, women have higher student loan, auto loan and credit card balances compared to men. Those who are trying to get out of debt should start by paying back the balances with the highest interest rates.
This generally means starting by paying down credit card or private student loan debt. In some cases, it may be necessary to get a second job or take on some sort of freelance work that can help generate extra income. Other ways to find money to pay back debt include living in a less expensive apartment or cutting back on other unnecessary items. Individuals will ideally create a budget to determine what their current expenditures are and how to cut back on them.
Workers who feel that they are key contributors to their employers' success should consider asking for a raise. That may make it possible to get out of debt without the need to spend time at a second job or on freelance work. Those who seek a raise should consider specific reasons why they are entitled to it as well as how much they want before asking for it.
People with unmanageable debt may find it worthwhile to file for Chapter 13 bankruptcy. Doing so may result in an automatic stay against creditor phone calls or contact. It can also make it possible to strip liens and have unsecured debts discharged at the end of the repayment period. Furthermore, debtors are generally entitled to retain property, such as their home or other valuables, while the case is ongoing. An attorney may be able to further explain the benefits of bankruptcy.