Men carry average 20% more debt than women

Posted 2007-10-8

On average, the number of men looking for assistance to manage their debt, have 20% more to unburden themselves as women. 

Percentage-wise, men will also need a longer period of time to clear their debt, according to debt management firm Chiltern.

Although females tend to owe money to a slightly higher number of creditors, with the average female owing £23,946 to 8.1 creditors, men with informal debt management plans owe a higher average amount of £29,914 to 7.8 creditors.

For men and women in the quest of making their debt repayments more affordable, men are more inclined to have higher monthly average household expenses and tend to be older than their female counterparts. 

Those struggling to meet monthly debt repayments are strongly urged to consider debt consolidation in order to reduce the amount they pay in interest and associated fees, and to reduce the amount of time and/or paperwork involved with managing their multiple debts.

With the average household debt in Britain – excluding mortgages – now at £8,873, many people making multiple repayments to several different lenders find the challenge more daunting than for those who have consolidated their loans.

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