Women Have Better Credit Scores, But Lower Ratings Than Men
How can men owe more and still have better credit scores? Income likely has a lot to do with it, says Linda Sherry, a spokesperson for Consumer Action, a nonprofit consumer advocacy and education organization. "We know that men have higher salaries than women, on average, for the same positions," Sherry says. "Those men may have more (ability) to take out more credit (than women)."
The cost of living also may be higher for women than it is for men. Women often have to pay more for similar products, says Melinda Opperman, a certified credit counselor and senior vice president for community outreach and industry relations at Springboard Nonprofit Consumer Credit Management, Inc. "Many products that are marketed 'just for women' are no different than products for men, but cost more," Opperman says. Doctors also tend to order more tests for women than they do for men. "All of these kinds of things add up, and leave women with less money to pay the credit card bills than their male counterparts," she adds.
Credit Sesame says women also tend to use more of the credit that's available to them than men do, with 59% of its female members using more than 70% of their available credit, compared to 57% of men who borrow that much. Meanwhile, 28% of men use less than 30% of their total credit, while only 25% of women do so.
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