Debt repay, men are slower than women

- LONDON, UK, January 20, 2007 - Men are found to be worse at repaying debt than women. Fresh study from Marks & Spencer Money (M&S Money) has revealed this fact. The study also brought to light the fact that men tend to make larger balance transfers.

Data shows that men pay an average of 17.50 for every 100 of the borrowed money during their introductory period. According to M&S Money, this tendency can leave them with more than 80 per cent of their debt slipping back to a higher standard rate of interest.

Other facts from the company show that more than half of all credit card holders have transferred a balance. The average amount being transferred by both men and women is a total of 2,763. It is also revealed that 36 per cent of those who make use of balance transfer deals could manage to repay their debt during low interest periods.

Eddie Nott, deputy chief executive of M&S Money, remarked that Britain"s borrowers had caught the balance transfer bug; however, the majority were not making the most of their low interest deals and clearing their debt.

He suggested to the borrowers to opt for lifetime balance transfers, unless they think they can repay their debt during low interest periods. In this connection, it may be mentioned that experts recommend debt consolidation loans to make debt burden more manageable.

20.01.2007 - 22:03 Source: 24-7pressrelease.com | Read: 866 X