Alamy Plenty of studies have shown that men and women think and act in different ways, but when it comes to credit card debt, both sexes demonstrate bad behavior.
NextAdvisor.com recently compiled research on men, women, and credit card debt that reveals that while women are more likely to carry balances on their credit cards, men are more likely to take out cash advances.
The study covered a single year in people’s personal finance lives. Here are some of the ways credit-card-carrying men and women differ, and how their behavior can be damaging to their financial well being. On the other hand, some men and women are doing the right thing when it comes to money management: Is the playing field level?
According to NextAdvisor, women typically pay an interest rate that’s 0.5 percent higher than men, regardless of their credit score and financial information. Still, with that working against them, women come out ahead when it comes to credit scores: The average credit score for a woman is 682 compared to the average score for a male of 675.
These latest statistics reveal that both genders have a long way to go to achieve an “A” in money management.