Men deeper in debt than women

Men seeking help to manage their finances have 20 per cent more debt than their female counterparts and can afford to repay less to their creditors each month as a percentage of their contractual debt repayments according to Chiltern.

The leading debt management company’s figures show that, on average, a man with an informal debt management programme is slightly older than a female who asks for assistance to make their debt repayments affordable. And it will take men 22 months longer than women to become debt free.

Men also spend more than women each month covering their household outgoings and earn more than women.

Chiltern’s Joanne Gill says: “The debt profile of men and women highlights the really difficult and unsustainable position both sexes are in when they turn to a company like Chiltern to help them manage their debts.

“We know that by the time people reach us they have struggled on their own to manage debts for a number of years, getting caught in a cycle of borrowing to pay off creditors and then spending on credit again because they cannot afford to pay for the things they need in life, like their rent or mortgage and food.

“People who use a debt management plan aren’t trying to avoid repaying their debts, or get a large percentage of them written off by creditors, they’re fulfilling their responsibility to pay what they can and communicate with creditors to ensure both parties are being treated fairly.”