Women in Kentucky and throughout the country tend to have more debt than men. This is partially because of the gender wage gap that sees a female worker earning as little as 72 cents for every dollar made by a male. For instance, a woman paying student loans has an average debt of $30,716 compared to a man’s average of $24,232.

Debt disparities exist when it comes to auto loans and credit card debts as well. Women have an average of $12,183 in auto loans and $6,559 in outstanding credit card balances. Men have an average of $10,371 in auto loans and $5,163 in credit card balances to repay. Regardless of a person’s gender, there are ways that individuals can climb their way out of debt. For instance, they can start to look for ways to cut back on expenses such as eating out or canceling a gym membership.

It is also important to be strategic as to how debts are eliminated. It is generally a good idea to begin with credit card balances as they typically have the highest interest rates. Private student loans may also come with high interest rates, so they should be a priority as well. Those who can’t cut expenses should look for a second job or side gig to make more money.

A person who is struggling to repay credit card or other debt may benefit from filing for Chapter 13 bankruptcy. By filing, one could potentially have debts reorganized or discharged entirely. During the repayment period, a person may be entitled to keep possession of a house, car or other property. Filing for bankruptcy can provide a debtor with leverage to renegotiate the terms of a mortgage, car loan or other secured loan.