The $10 Choice: Save Ten Dollars a Day to Not Overspend
Help With Understanding Your Debt
How Today’s Debt Affects Tomorrow’s Retirement
Did the Economic Stimulus Plan Help Us?
Knowing if You Are a Bankruptcy Candidate
Defining Different Types of Bankruptcy
Gender’s Affect on Debt
Debt is something that can affect many people, and hurt many financial lives. You need to make sure that this is something that you stay away from whenever possible. One thing that many people have wanted to know is whether or not gender plays a role in how debt is handled. Well, we thought this was a great question so we decided to provide you with some information the role of gender and debt. This might open up some of your eyes; regardless of if you are male or female. Debt is a serious issue so anything you can learn on it is helpful. Make sure you are always putting yourself in a position to eliminate your debt.
Some of the Gender Differences
Do you know that 60% of all defaults are actually made by men? This includes mortgage defaults, personal loan defaults, and overdraft defaults. Most of the defaults that happen are by males who are 18 to 30 years old. Men also account for more credit inquiries than women do. Men tend to take out more loans then women do, and sometimes when couples take out money the only name that will appear on the loan is the males. This is what can lead to more of the credit inquiries by males.
What Does This Mean?
Unfortunately the results of the survey done are not that reliable. It is because of the fact that the males tend to have their names appear on more financial issues that skew the numbers. It appears that women are more financially responsible then men are, and that might be true. However, women also tend to apply for less credit then men, thus giving them fewer chances to screw up. However, this survey is good if it works as an eye opener for those who might not be handling credit properly. Everybody needs to treat this situation correctly.
Tips for Everyone
Regardless of your gender you need to think carefully every time you go to place a new credit commitment. If you are having trouble paying off your current bills then you probably do not want to take on any new challenges. If you are having trouble then you need to approach the companies you owe money to. Try to work out an extension plan with them or find another way of getting them the money they need. Finally, you need to avoid applying for credit from too many providers. This will definitely reflect poorly on your credit score.
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