Women may earn less than men but they are better managers of credit.
According to a new report from Experian , women earn 23% less than men, but men have 4.3% more debt than women. Women also have a slightly higher average credit score of 675 compared to the men’s average of 674.
The study found that men use more of their available credit (31%) than women (30%).
The average man carried $26,227 in debt from credit cards, personal loans and auto loans compared to a $25,095 average for a woman.
Men are also taking out larger mortgages–an average of $187,245 for a man versus $178,140 for a woman. Men also have a higher incidence of late payments on their mortgages (5.7%) than women (5.3%).
“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. How you manage credit and debt is critical to your financial well-being,” said Maxine Sweet, Experian vice president of public education. “Paying attention to what’s in your credit report, never missing a payment, and keeping your utilization rates low are three key steps to financial success.”
The study came from a nationwide sample of 750,000 credit reports.
Women Better At Handling Credit, Survey Finds. By Bill Hardekopf. 2013, May, 13. Retrieved from http://www.forbes.com/sites/moneybuilder/2013/05/30/women-better-at-handling-credit-study-finds/?utm_source=twitterfeed&utm_medium=twitter