Debt Free News

Study showing men paying debt off slower than women

January 23, 2007

Just yesterday, we reported to out debt free news article readers about women and debt. Today, another report has reached our debt free news department regarding how men pay debt compared to women. While we find some parts of this report to be a bit conflicting with what we learned in yesterday’s news free article, the jest of this report is compelling nonetheless.

According to the report we wrote yesterday (to recap for you) women refuse on high levels to file bankruptcy. According to today’s debt report, men pay their debt down slower than women. So, long story short, when women get over their heads in credit card debt and other debt, they do not turn to bankruptcies it seem. But in general women that do pay on time, pay off debt faster than men.

According to today’s debt free report, men are found to be shoddier at repaying debt than women are on the whole.

Today’s debt report study was conducted by an accredited source and it shows that male consumers are most likely to even create larger credit card debt transfers as well.

In fact, men are said to be paying on average 17.50% for each 100 dollars of their borrowed money - this stat if for introductory rate figures. According to the debt report, doing so can leave men with more than 80% of their debt sliding back to a higher rate of interest.

Also worth mentioning to our debt free article advocates is that this same report  shows that over 50% of all credit card holders (those in credit card debt) have transferred a balance at one time or another. The typical amounts transferred in this way are reported (male and female that is) to be nearly $2,770. The report also says that more than 35% of these consumers who make use of credit card debt or other balance transfer cases could afford to repay their debt while the introductory period is still in effect. So why don’t they?

Many economists are stating that typical borrowers got on the band wagon for debt transfers and credit card debt consolidations and the like, but did not follow through to take the full advantage of the concept – which is to pay off the debt consolation type deals during the lower rate periods. After all, isn’t the whole idea to consolidate the debt to a lower rate then pay it off before the introductory period is over? Yes, that is the concept than these consumers are not getting.

The report is a bit shocking to our debt free news staff here at DebtFree24.com because we try so hard to teach our readers about the proper ways to become debt free and when we read these studies that reflect a disappointing amount of consumers that are getting the most out of their money to get out of debt – it is sad. It seems (according to today’s report) that consumers are obsessed with creating more debt without paying off existing debt.

One word of advice regarding this debt report: We believe that borrowers should choose the transfers known as lifetime balance transfers. However, if consumers do not believe that they are capable of repaying their debt during the infamous low interest period – introductory rate – do not do it. Quite honestly, most financial experts suggest debt consolidation loans to make debt load more convenient.

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