Despite lower income, women are more responsible with credit than men
Despite the fact that women are earning less money, a new study shows they are managing their credit more responsibly.
According to the American Association of University Women, women who work full-time in the U.S. earn roughly 23 percent less than the average man. Experian, a website that tracks credit information, reports that despite their higher earnings, men have 4.3 percent more debt than women.
One reason men tend to have higher debt, according to Experian, is a national trend toward higher mortgages. According to the study, men have 18.3 percent more independent mortgages than women, which CBS suggests is possibly the result of their overall higher income.
Even though the same study shows that both men and women use close to the same amount of their available credit — 31 percent and 30 percent respectively — the study shows that men also struggle to make payments on time.
When comparing state-by-state, some of the numbers become even more dramatic. A CBS News report shows that in Connecticut, men have a 13.6 percent higher rate of late payments on mortgages than women, and they have 8.6 percent more debt from credit cards, personal loans and auto loans.
CBS also suggests that given their higher income, men should theoretically have better credit scores. The combination of higher mortgages with a tendency to be late on payments, however, has caused men’s credit to lag behind women's.
- Top 50 companies to work for in Utah
- Dave Ramsey says: Tips for stretching dollars...
- Extended warranties a big sell. Are they...
- Utah job forecast better than most states
- Clean up your finances by tossing paper,...
- A Closer Look: Your (online) life after death
- US wealth gap putting the squeeze on state...
- The market power of pumpkin spice
- US wealth gap putting the squeeze on... 26
- The economy has begun to recover, but... 24
- Extended warranties a big sell. Are... 4
- Dave Ramsey says: Tips for stretching... 4
- These are America's 10 poorest congressmen 2
- How employers can improve the nation's... 2
- Save money by replacing appliances that... 1
- Retail sales are up since last month 1