Women ‘more likely than men to struggle with debt’

Women are more likely than men to struggle with debt, according to a recently released report.

A study by the Fawcett Society found that, although men have on average a higher level of debt that women, they are less likely to struggle with repayments.

Reasons put forward for this by the report’s compilers included the fact that women are likely to be paid less at work and take advantage of high-interest forms of credit such as store cards and loans for small amounts of money.

Commenting on the report’s findings, James Ketchell of the Consumer Credit Counselling Service said women can often find themselves in trouble when they leave a relationship.

“Women are especially vulnerable when they come out of relationships and we find that 50 per cent of people that come to the CCCS are coming after life changing situations,” he explained.

He added: “These can be anything from losing their job or if a relationship has broken down and women are far for vulnerable than men in that situation.”

In other news today, it has been revealed that more UK consumers than ever are using money from their savings to cover a high cost of living.

© Adfero Ltd

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