Men more likely to become insolvent than women
Posted by on 9th March 2010 to Debt News
Men are more at risk of insolvency than women, according to figures from a debt charity.
The study from the Consumer Credit Counselling Service (CCCS) found that men were more likely to declare bankruptcy or take up individual voluntary arrangements.
CCCS revealed that it recommended IVAs to 55.4 per cent of men and bankruptcy to 51.4 per cent of men.
The tough economic climate of the past two years may have affected men disproportionately, in that between 2000 and 2008 there was a 50 per cent rise in the number of men claiming bankruptcy.
Single men tended to accumulate almost two-thirds of the average debt accumulated by couples(just over £30,000), owing on average £19,380. Single women were on average around £16,973 in debt.
Overall, the recorded figures from between 2000 and 2008 found that debts demonstrate another gender divide, with men experiencing consistently higher rates of insolvency and bankruptcy than women.
Posted by Clement Moine
Debt Free Helpline offer debt management plans as well as a range of other debt solutions. If you are worried about debt, contact one of our trained debt advisers today.
The study from the Consumer Credit Counselling Service (CCCS) found that men were more likely to declare bankruptcy or take up individual voluntary arrangements.
CCCS revealed that it recommended IVAs to 55.4 per cent of men and bankruptcy to 51.4 per cent of men.
The tough economic climate of the past two years may have affected men disproportionately, in that between 2000 and 2008 there was a 50 per cent rise in the number of men claiming bankruptcy.
Single men tended to accumulate almost two-thirds of the average debt accumulated by couples(just over £30,000), owing on average £19,380. Single women were on average around £16,973 in debt.
Overall, the recorded figures from between 2000 and 2008 found that debts demonstrate another gender divide, with men experiencing consistently higher rates of insolvency and bankruptcy than women.
Posted by Clement Moine
Debt Free Helpline offer debt management plans as well as a range of other debt solutions. If you are worried about debt, contact one of our trained debt advisers today.
