Unsecured Personal Loans and Debt Handled Better by U.S. Women than Men, says New Experian Report

DALLAS - May 28, 2013 - PRLog -- Managing credit and handling debt is a skill demonstrated better by American women when compared to their male counterparts, says a report on a new study of credit reports by Experian Plc. Experian is one of the three major U.S. credit reference agencies.

The study reported its findings after examining a total of 750,000 credit reports in order to achieve an accurate and broad sample of all the reports it generates. It concluded that even though women earn 23% less than men, their handling of debt and financial matters was superior. Therefore, even though U.S. female consumers have less disposable income and money to spend, they appear to make their money go further and consequently make fewer mistakes with money management, late bill payments and multiple personal loans applications that bring credit scores down.

Similarly, women also edge in front of men regarding credit scores. Men are represented more as people with bad credit, albeit by a smaller margin. The report showed that women average a credit score of 675. The male average is 674. In addition, Experian’s report revealed that men develop more debt that women, to the tune of an extra 4.3%. Men use bad credit loans more, with a credit utilization rate and mortgage loan rate that is 4.9% in excess of that attributed to women. Most interestingly, the data in the report highlighted that mortgages with male signors are most frequently at least 60 days late.

The results consistently show women performing better than men on a debt-to-debt ratio comparison; the average American man carried $26,227 debt versus the lower figure of $25,095 for women. Experian have included in their figures all levels of consumer debt - this covers credit cards, personal loans and auto loans. Women also borrow less when it comes to mortgages; the average mortgage of a woman is $178,140 compared to $187,254 for men.

Sam Ash, spokesperson for PersonalLoansForBadCredit.net, the consumer finance website and loan aggregator, responded to the findings of the report in the following statement.

“The findings from Experian’s study make for very interesting reading. Regardless of gender lines, however, the average credit score of both men and women is around the 674 – 675 mark, which is lower than the “prime” numbers in excess of 740 that qualify more people for better rates and services. This means that the vast majority of American consumers have bad credit.  We believe that they need to be offered competitive unsecured personal loans that do not discriminate due to credit scores. Our no-obligation comparison and application service allows all consumers to search for the lowest rates and best deals available, for free and from any computer.”

PersonalLoansForBadCredit.net is a McAfee Secure™ Trustmark site. Learn more at: http://www.personalloansforbadcredit.net/faq/

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