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Are there differences in how men and women approach debt?

| Dec 1, 2016 | Personal Bankruptcy |

Everyone in North Carolina has their own way of dealing with money. Some people are very responsible and never run into any trouble, while others struggle with it or find themselves facing problems through no fault of their own. When it comes to debt, it does appear that there are some differences in how men and women approach their finances.

According to Bankrate, if you are a woman, chances are you are responsible for handling your household’s finances and budget. Because of this, you are also more likely to feel guilty when things go wrong. However, compared to men, women also are more likely to seek out help when there is financial trouble. In fact, of those who seek credit counseling, twice as many are women than men.

If you are a man, you are much more likely to take on debt than your female counterparts. Men typically carry 4.3 percent more debt than women. This can be seen with credit cards, where men tend to use more of their available credit, as well as with mortgages. Home loans taken out by men were found to be almost 5 percent higher. It was also found that men were more likely to fall behind on their payments.

While neither gender is necessarily any better than the other when it comes to money, understanding the differences in how men and women approach debt can be helpful, especially if you have a partner of the opposite gender. Working together may be the key to keeping your finances healthy.