The Facts About Debt: Men vs. Women

Friday, August 9, 2013, AM | Leave Comment

Debt is something that more and more people have had to learn to cope with over recent years and for a wide variety of reasons.

While some take on more traditional debt such as car loans and mortgages, there are many others who take on debts such as credit cards, store cards, personal loans, and catalog debts.

In years gone by, it was widely assumed that women were the main culprits when it came to getting into this sort of debt, attributing it to everything from poor money management to one too many shopping sprees!

Over recent years, however, it has been proven that not only are women no longer the worst culprits when it comes to personal debt, but that they are actually more upfront about their finances.

A variety of studies have been carried out over recent years, and the results have showed that men and women are pretty much neck and neck when it comes to debt levels.

In fact, men are even taking the lead by a very small amount with their debt levels according to some reports and women have been shown to be far better at managing their finances than men.

Some of the claims regarding men and women in debt

Some of the claims that have been made following these studies about men and women in debt include:

  • Money management

    A number of reports have claimed that women are actually better at managing money than men, despite the reputation they have gained for being frivolous spending that notch up huge levels of debt.

    It is important to bear in mind that a variety of studies that have been carried out and some claim that it is in fact men that are the better money managers when it comes to certain matters such as dealing with the mortgage.

  • Men and women are on level pegging with debt

    There are some reports that claim men have now overtaken women slightly when it comes to personal debt levels.

    However, experts from the Debt Advisory Centre have said that the two genders are really on a level pegging with both carrying the same average amounts of debt.

  • Women blow money on shopping

    It may sound stereotypical, but some reports claims that women get into debt because they can’t resist blowing money on shopping while men tend to splash the cash on gadgets and boy toys, which can leave them equally facing mounting debts.

  • Women more likely to seek help

    Many studies have indicated that women are far more likely to seek help from experts such as Consolidated Credit in the event that they fall into problems with their debt.

    Men are said to be more likely to just let the issue get out of control before finally deciding to take action.

These are just some of the claims that have been made about the way men and women get into and handle their debts.

The long and short of it is while sometimes spending habits can be generalized by sex, ultimately these are things that are down to each individual, regardless of gender.

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