While no person falls neatly into statistical averages, understanding the differences between men and women when it comes to debt management can help couples understand each other’s “money personalities.” According to credit counselors interviewed in a recent study, women more often handle the household budget, paying bills and spending money on necessary and discretionary items.
Because of this day-to-day spending responsibility, women carry more guilt for debt woes, which can be compounded if their spouses blame them. Women appear to shy away from debt compared with men, according to an Experian analysis released last year. On average, men carried 4.3% more debt than women. Their mortgages were also 4.9% higher than home loans taken out by women. The study also found that women used less available credit on their credit cards than men- 30% versus 31%.
While men may appear to be more comfortable taking on more debt, they also get into financial trouble more often. Experian found that men were more likely to fall 60 days or more behind on their mortgage payments than women – 5.7% versus 5.3%. Despite having more problems handling a larger debt load, men seek help later than women, according to credit counselors.
Several of the counselors interviewed said women respond to financial crisis by eliminating items on the household budget, where men work more to increase the income to get out of debt. The best solution is a combination of both along with an understanding between the two spouses.
If you have any questions on this topic or are in a financial crisis and are considering filing bankruptcy, contact an experienced Miami bankruptcy attorney who can advise you of all of your options. As an experienced CPA as well as a proven bankruptcy lawyer, Timothy Kingcade knows how to help clients take full advantage of the bankruptcy laws to protect their assets and get successful results. Since 1996 Kingcade & Garcia, P.A. has been helping people from all walks of life build a better tomorrow. Our attorneys’ help thousands of people every year take advantage of their rights under bankruptcy protection to restart, rebuild and recover. The day you hire our firm, we will contact your creditors to stop the harassment. You can also find useful consumer information on the Kingcade & Garcia website at www.miamibankruptcy.com.
Related Resources:
http://www.foxbusiness.com/personal-finance/2014/04/02/men-women-and-debt-does-gender-matter/?intcmp=related