No doubt, credit cards have brought a sea change in the way you live by making it easier for you to do shopping. When it comes to using credit cards, who is more responsible – men or women? According to statistics, 19% of women and 18% of men carry a balance on their credit cards. A BMO Harris survey conducted on 1,004 UK adults shows that men practice better credit habits than women.
How to Maintain a Good Credit Score
• Keep your credit card balances low by making timely repayments during every billing period. The BMO Harris survey finds that 39% of men pay off their credit card balances compared to 27% women while 14% of men pay off their overall balance compared to 10% women.
• Pay your bills on time to maintain a clean payment history and credit record. According to the survey, 74% men make timely repayments compared to 59% women.
• Prevent getting a collection account on your credit report. If you default bill payments, the lender is more likely to report your case to a collection agency. Having a collection account on your credit report will adversely affect your credit score.
All in all, men have more student loan debt compared to women. Survey statistics reveal that only 17% men are concerned about repaying their student loan compared to 20% women. Women are more concerned about financial goals, including saving for kids and retirement and are more likely than men to respond to “major financial concern.”
Paying bills in time can leave you with a favorable credit score, while missed payments can cause credit problems. The best thing to maintain a clean credit record is to stay on top of your finances and prevent borrowing more than you actually need. Moreover, it is important to keep a check regularly and ensure you’re not taking steps that might harm your scores.