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Stark difference between men’s and women’s credit card debt

On Behalf of | Nov 28, 2016 | Credit Card Debt

Statistics from MarketWatch reveal some important difference between the debt habits of men and women. According to the finance news website, women on average hold a higher Experian credit score of 675 than men. Meanwhile, the average score for men is 670.

Men also tend to have more consumer debt, made up of personal loans, credit card debt and auto loans. On average men have $27,672 in consumer debt and women have $26,610. Interestingly, though, women tend to have more credit cards, an average of 3.7, while men have an average of 3.

As for student loans and paying them off quickly, men appear to be leading over women. Men on average paid off approximately 44 percent of the student loans they held within three years of graduating university. Women, on the other hand, only paid off 33 percent of their student loans within this time. This could be the result of differences between male and female salaries, and differences in chosen career paths.

Another important difference is noted between male and female finances, which relates to emergency savings. Men tend to have 58 percent more money saved up for emergencies than women do. This could be caused by salary and career differences. However, when it comes to inadvertently building credit card debt, one of the best ways of preventing that is by having an emergency savings fund.

From these statistics, it seems that both men and women have important lessons to learn from one another. Women can learn to pay off their student loans faster, build their emergency savings faster and maintain fewer credit cards. Meanwhile, men can learn to have less credit card debt and less consumer debt than women.

Finally, no matter what kind of debt problems a King County resident is suffering from — and no matter if the person is a man or a woman — he or she may also be able to learn something from a King area credit card debt lawyer. An experienced credit card debt lawyer can help individuals resolve outstanding credit card debt — and other kinds of debt — to get in good financial standing again.

Source: Daily Messenger, “John Ninfo: More shocking stats about finances and gender,” John Ninfo, Nov. 13, 2016

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