Debt and insolvency 'more common among men'

Wednesday, March 10 2010

Statistics have revealed that men are more likely than women to get into debt.

Consumer Credit Counselling Service (CCCS) released the figures, which showed that bankruptcy is more common for men than for women.

Individual Voluntary Arrangements (IVAs) were also found to be higher among the former group.

The Insolvency Service released the findings from 2000 to 2008 and found that this has always been the case - with 55.4 per cent of IVA recommendations last year going to men.

Spokesperson for CCCS Frances Walker said: "This may be the one equality which women may not want to aspire to. Whatever sex you are, I would urge anyone worried about their debt to seek help."

Debt Remedy - an online counselling tool provided by the body - allows those in debt to contact it anonymously and ask for help.

Visitors to the Debt Remedy website are asked to answer a number of questions about income, expenditure and household circumstances then the tool creates a remedy tailored to those needs.