12 March 2010
According to research by lovemoney.com, women `are better at budgeting and keeping track of their spending and are less likely to build up debt on a credit card or a loan` than men, the Daily Mail reports.
The research found that fewer women than men ignore their mounting debts, pay bills late or forget to pay them altogether. And they make more of an effort to repay any debts they have, while men prefer to make the minimum payments towards their debts each month.
The study also revealed that men have an average credit card debt of £2,176, while women have an average credit card debt of £1,987.
25% of men admitted to regularly making credit card debt payments late, with just 17% of women confessing to the same.
Ed Bowsher, Head of Consumer Finance at lovemoney.com, said: "It`s sad to see that both sexes are carrying so much debt on their credit cards.
"The best way to reduce your debt is to budget carefully and monitor your spending on a regular basis."
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Tags: debt, credit card debt, men, women, Lovemoney, Love Money, www.lovemoney.com, Daily Mail
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