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There are a number of differences between men and women in Florida, but how they deal with finances related to debt is remarkably similar. A year-long study done by NetAdvisor.com found that both genders respond to a financial challenge in the same way in many cases. Unfortunately, this response is not always one that is most beneficial to the individual in question.

Both men and women use credit cards in large numbers, and 60 percent of women and 55 percent of men carry a balance on their credit card. In the short-term, this can have little impact, but over time, carrying a balance can make it harder to pay off a card. Long-term balances can also grow quickly, and a balance of more than a quarter of someone’s credit limit can have a negative impact on an individual’s credit rating.

Still, less than half of men and women were sure to pay off their credit card balance at the end of each month. During the study, 45 percent of men and 39 percent of women paid their credit card off at the end of every billing cycle. In spite of women being more likely to carry a balance and less likely to keep their balance at zero, they actually have a lower average debt. Women’s average is $11,486, and men’s average is $12,953.

Debt management is only one of many causes of enormous and unmanageable debt. The good news is that bankruptcy can go a long way towards getting rid of unsecured debt or giving people more time to pay off other balances. A lawyer could help someone overwhelmed with debt understand the bankruptcy process and help them file.

Source: Daily Finance, “Bad Behavior: Men, Women and Credit Card Debt“, Michele Lerner, May 22, 2013