debt

Men, women and debt

 

To borrow a popular book title, men are from Mars, women are from Venus -- so how can a couple find common ground here on Earth when it comes to debt?

The sexes approach debt differently. According to an Experian analysis, men carry more overall debt than women. Men's mortgages also are higher than home loans taken out by women. And men also get into trouble with debt more often.

Meanwhile, credit counselors say women tend to go for help more quickly with financial problems than men. The experts say women respond to financial crisis by eliminating items from the household budget, while men work more to increase income.

It's clear: Men and women often stare at each other across a debt divide. Here's how to bridge it.

Make sure both voices are heard when you're working through financial struggles. The best way to tackle your debt is to do it together. And keep in mind that a solution may involve compromise. Have weekly talks about finances so both parties are in the loop when it comes to the budget.

For more ways to tackle debt together and for all your other personal finance needs, visit Bankrate.com. I'm Amanda Rowe.

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