It's the proverbial battle of the sexes--who manages their debt and credit better? Men or women? From Keeping Current Matters and Experian comes the following infographic comparing how men manage their credit/debt versus women.
A quick look at the numbers indicates that the differences are not that huge. But that being said, on the whole women have a slight edge over the men in "the battle of the sexes" with respect to credit and debt management, as they use less of their available credit, have a one point higher credit score, and just over 4% less debt than men.
However, differences are more significant if you "scratch" the surface a bit. According to Bankrate.com, men not only accumulate more debt than women, they tend to default on their mortgage more often than women. And when faced with financial problems, women are much more likely than men to go get help with their credit problems by a margin of 2:1. And interestingly, women carry a bigger emotional burden for debt problems than men do, at least partially because so many of them are in charge of household budget management.
Also telling is how differently men and women respond to managing budgetary crises: women tend to eliminate items out of the budget, while men tend to go out and try to earn more money.
So for now it would seem women are winning the battle of the sexes as to managing credit and debt. Should we discuss who's a better driver next?
The Great Credit Divide: Reprinted with persmission of Experian and Keeping Current Matters
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