Think men and women whip out their credit cards for different reasons? What about debt repayment ---- are there behavior variances between the sexes? As with height, we are more alike than not. Still, as with those remaining couple of inches where males are just slightly taller, there are a few fascinating differentials among the genders regarding credit.
- Charging habits
a. When men are in the mating mode, they tend to charge more than they should.
b. Women business owners are more prone to borrow using credit cards than their male counterparts. Male-owned firms use more trade credit - buying supplies and services from another business with a pay later agreement.
- Number and type of credit accounts
a. Men are more apt to have car loans, mortgages, and other types of installment accounts, while women hold more bankcards and use them more frequently.
b. Women have more credit inquiries than men.
- Different cards appeal
a. Most males prefer cash-back rewards, while females prefer points redeemable for goods, services, and travel.
b. Woman gravitate toward retail cards, men go more for general purpose credit cards.
- Credit card safety
a. Women are more likely than men to shred credit card offers, while men are more likely to throw them in the garbage
- Help! Who gets it and when
a. Its most often women who seek assistance.
b. Women greatly favor counseling whereas men try to keep it private and get second jobs to resolve it on their own.
c. Men tend to be less aware of their account details, and women are a bit more detail oriented. They'll be the first to make a budget, especially when anxious about their balances.
- Credit communication
a. Many couples aren't always forthright about assets or liabilities.
b. Regarding credit card activity, women to be generally more open and expressive.
- Bankruptcy
a. Women are more likely than men to take the legal route out.
b. When filing, credit card debt is higher for males in debt than females by a few thousand dollars
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About Erica Sandberg
Erica Sandberg is a renowned personal finance expert, author of the top selling book, "Expecting Money: The Essential Financial Plan for New and Growing Families", and a reporter for CreditCards.com. Her articles and insight are featured Men's Health, Pregnancy, Babytalk, Redbook, Bank Investment Consultant, Prosper.com, MSNMoney.com, and Smartmoney.com, among many other magazines and websites. A popular television and radio commentator, Erica is a frequent guest on Forbes Video Network, Businessweek-TV, and all Bay Area Networks. She is a member of the Society of American Business Editors and Writers, and an advisory committee member for San Francisco's financial literacy program Project Money.
>> Website: www.ericasandberg.com
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