Shout out to the ladies: a recent Experian study surveying 750,000 credit reports revealed that even though men earn 23% more than women in general, they had higher credit scores, less debt, lower mortgages, AND had less past-due credit accounts. Okay, ladies, you win. Guys- time to shape up! Getting a handle on debt, credit, and finances doesn’t just catch us up to speed with the ladies. It saves money in the present and in the long run, improves our credit scores, makes us eligible for the best interest rates, and just feels damn GOOD. Plus, aving your financial house in order gives piece of mind on top of everything else. I do wonder what it is about dudes that makes us more inclined to have more debt and a lower credit score? The good thing is, it’s not impossible to reverse these habits. Chipping away at debt and working at improving our credit are things we should constantly be striving for, and maybe this is a good wake up call to get serious about putting in a hard-core effort. Here is the Reuters article by Mitch Lipka, including information that hasn’t even been released yet about Experian’s survey:
“When it comes to managing credit, American women have a slight edge over men, according to a study of credit reports by the credit report agency Experian Plc. Experian looked at 750,000 credit reports, a sample of what it collected nationwide, and found that while women earn 23 percent less than men, they know how to handle debt.
“When you start from there, you recognize that women have less money to spend,” says Michele Raneri, Experian’s vice president of analytics. “And their delinquencies are less.” “
Click here to find out in what ways women have the edge over men financially.
Okay gents you’ve been challenged: get that credit score, credit report, and mound of debt in shape–if for nothing else other than to keep up with our female counterparts who are creaming us at it.