- Monday, 15 March 2010Women are the better sex when it comes to committing to
debt management plans, according to a new survey.
According to research from lovemoney.com, men have an average debt of £2,176 on their credit cards, compared to just £1,987 for women.
Men are also more likely to only meet the minimum payment each month, and a quarter admitted to regularly paying their credit card bills late or even forgetting to do it altogether.
This is compared to just 17 per cent of women who have made the same mistake.
A spokesman for lovemoney.com said: "For years, women have been thought of as the big spenders, splashing their cash on clothes and shoes.
"But it seems men are gaining their own reputation when it comes to managing their finances while women are learning how to handle their money."
Six out of ten men who responded to the survey have taken out a loan, compared to five out of ten women.
What's more, the Consumer Credit Counselling Service (CCCS) recently revealed that there are higher rates of
bankruptcy and Individual Voluntary Arrangement recommendations for men than women.
The charity reports that 55.4 per cent of its
IVA recommendations last year were for men, along with 51.4 per cent of its
bankruptcy recommendations.
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