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Bad financial acumen in men and women leads to credit card debt

Credit cards are an essential part of the modern economy, both in terms of purchasing power and in terms of building and maintaining a credit score that can influence many purchasing decisions over the course of a financial life. A recent survey conducted to determine whether men or women were more apt to have good spending practices has revealed that when it comes to credit card debt, neither sex has the advantage. South Carolina residents may find these statistics surprising.

According to the study, the average amount of debt carried by men is $12,953 whereas women are close behind with $11,486 on average. Fifteen percent of men and 12 percent of women sought out cash advances in the past year. Sixty percent of women and 55 percent of men carry balances on their cards at any given time. Almost half of the women polled made only the minimum payment on their cards, with men coming in right behind them at 38 percent.

These behaviors aren't, strictly speaking, "bad" practice, but they certainly do not represent good credit habits either. In general, the best practice is to pay off balances in full every month, shop around for the card that best suits the needs of a financial plan, and pay outstanding bills on time. However, this is not always possible for men or women alike who find themselves relying upon credit for the necessities of life.

Credit card debt can feel like a crushing weight, but options are available to help restructure that debt and lessen the burden. South Carolina residents who are facing large credit card debts may consider such restructuring, up to and including filing for bankruptcy. This, in conjunction with responsible spending practices, can help to "clean the slate" and set you on the road to a more secure financial future.

Source: dailyfinance.com, "Bad Behavior: Men, Women and Credit Card Debt," Michele Lerner, May 22, 2013

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