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Men in more debt than women

Men who seek help with managing their finances tend to have as much as 20 per cent more debt than their female counterparts, the debt management company Chiltern has said.According to Chiltern, men are also able to afford to repay less to their creditors each month than women and take an average of 22 months longer than women to become debt free, even though they earn more money on average. Joanne Gill from Chiltern said: "The debt profile of men and women highlights the really difficult and unsustainable position both sexes are in when they turn to a company like Chiltern to help them manage their debts."We know that by the time people reach us they have struggled on their own to manage debts for a number of years, getting caught in a cycle of borrowing to pay off creditors and then spending on credit again because they cannot afford to pay for the things they need in life, like their rent or mortgage and food."People who use a debt management plan aren't trying to avoid repaying their debts, or get a large percentage of them written off by creditors, they're fulfilling their responsibility to pay what they can and communicate with creditors to ensure both parties are being treated fairly."

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