Despite lower income, women are more responsible with credit than men

Published: Thursday, May 30 2013 3:04 p.m. MDT

Even though men and women use close to the same amount of their available credit — 31 percent and 30 percent respectively — a new study shows that men are more likely to miss payment deadlines.

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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.

JJ Feinauer is a graduate of Southern Virginia University and an intern for the Moneywise page on DeseretNews.com. Email: jfeinauer@deseretdigital.com, Twitter: @johnorjj.

Read more about credit scores on CBS Money Watch .

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