More men become insolvent than women
More men become insolvent than women
Monday 8th March 2010
The Consumer Credit Counselling Service (CCCS) has released its insolvency figures according to gender, revealing higher rates of bankruptcy and Individual Voluntary Arrangement (IVA) recommendations among men.
Some 55.4 per cent of IVA and 51.4 per cent of bankruptcy recommendations made by the charity last year were for men.
The figures represent an "insolvency gender divide" states the charity, with single men also owing on average £19,180 - 17 per cent more than the average £16,937 for single women.
CCCS spokeswoman Frances Walker said the figures were a concern and should be addressed.
"This may be the one equality which women may not want to aspire to," she said.
"Whatever sex you are, I would urge anyone worried about their debt to seek help as soon as possible."
The charity also referred to recent statistics from the Insolvency Service spanning the years between 2000 an 2008, which revealed men have always taken out more IVAs or gone bankrupt on more occasions than women.
In 2008 some 23,173 women went bankrupt compared to 37,972 men, according to the figures.
Meanwhile, new research from uSwitch reveals that 5.4 million people are spending more than they take home every month, while around 13 million are just breaking even.
Nearly half (48 per cent) of those who overspend are relying on overdrafts and 34 per cent are using credit cards, according to the study.
News article brought to you by Debt1 - UK Debt Management Specialists
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