25 October 2007
Men suffer from a debt burden as much as 20% higher than women, new research from Chiltern suggests.
A study undertaken by the debt management company also shows that, not only do men ask for help with their debts later, it takes on average two years longer for them to balance the books after help is received.
Chiltern found that the average size of male debt among those who use its services is £29,914, which compares unfavourably with the female average of £23,946.
Chiltern spokesperson Joanne Gill said: "We know that by the time people reach us they have struggled on their own to manage debts for a number of years, getting caught in a cycle of borrowing to pay off creditors and then spending on credit again because they cannot afford to pay for the things they need in life, like their rent or mortgage and food.
"The debt profile of men and women highlights the really difficult and unsustainable position both sexes are in when they turn to a company like Chiltern to help them manage their debts."
Another gender disparity was revealed by the firm, finding that the average salary of a man on a debt management plan is £24,627, compared with a £22,530 average for women.
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