Chiltern: Men heavier in debt than women

October 25, 2007 by admin  
Filed under News, News-Banking

Men trying to get their finances under control are further in debt than their female counterparts.

According to research by Chiltern Debt Management, men have 20 per cent more debt than women and are less able to repay money borrowed each month as a percentage of contractual debt repayments.

Data showed that a woman on an informal debt management plan would take 22 less months to become debt free than a man.

Furthermore, men on these types of plan owe an average of £29,914 to 7.8 creditors while the female equivalent owes £23,946 to around 8.1 creditors.

Joanne Gill of Chiltern commented: “People who use a debt management plan aren’t trying to avoid repaying their debts, or get a large percentage of them written off by creditors, they’re fulfilling their responsibility to pay what they can and communicate with creditors to ensure both parties are being treated fairly.”

Personal debt totalled £1,363 in August this year according to statistics from Credit Action.

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