Study: Women Manage Their Credit Better Than Men
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SCHAUMBURG, Ill. (CBS St. Louis) - The findings of a recently published study indicate that women are better at managing their credit than men.
In addition to discovering that men have 4.3 percent more debt than women, researchers also discovered that women have higher credit scores on average – 675, in comparison to 674.
The study was released in the form of a report from Experian, who has offices in Schaumburg, Ill. as well as other locations throughout the United States.
The disparity between how different genders handled debt carried through from credit cards and loans to mortgages. Men were also said to have a higher rate of late payments – as many as 5.7 percent of payments made by men were late, as opposed 5.3 percent of payments made by women.
“Seeing the divide between how men and women approach credit is interesting, but what’s most important is understanding the value of building a good credit history,” Maxine Sweet, Experian vice president of public education, was quoted as saying by Forbes.
She added, “How you manage credit and debt is critical to your financial well-being.”
Those involved with researching credit information for the report additionally noted that women earn approximately 23 percent less than men in the workforce.
A random sampling of 750,000 credit reports from across the nation were used for the study, Forbes learned.