Women are more likely to pay the minimum, carry a balance, and pay a late fee. And women and men spend their money in different ways. Men accumulate things – the idea is that they invest in something of value. They spend their money on travel, TVs, electronics, and games. For women, money is means to create comfort, warm atmosphere, and lifestyle. Women buy accessories, appliances, home furnishings, beauty products, and clothes. They spend more than 8 years of their life shopping. It is not surprising that women carry a balance!
One study shows that male spending is closely associated with the scarcity of women. When men believe that there are fewer women around, they borrow more and save less. Men become more competitive and impulsive and spend more. Other studies confirm this conclusion. Single men have higher debt loads and spend more on their credit cards. So, women may be more likely to carry a balance, but men spend more when women are scarce. Why? Because on a subconscious level, they compete with each other for access to mates.
Infographic courtesy of Credit Sesame
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