MEN are more likely to miss credit card payments and roll over their balances, according to the latest study from Credit Bureau Singapore (CBS), Singapores consumer credit bureau.
Divorcees and those who are separated from their spouses are also prone to do the same, according to the CBS 2008 analysis involving more than one million consumers, whose ages range from 21 to over 70. Over 650,000 men and more than 370,000 women took part in the survey.
What is more, the study showed that men have more than double the average overdue balance compared to women - $216 versus $91 in March. Also, more men roll over their balances than women - about 39 per cent of men do so, compared to 36 per cent of the fairer sex.
Said Dr Adrian Wang, 41, a Gleneagles Medical Centre psychiatrist with 12 years of experience: 'Men are generally bigger risk-takers than women. They gamble, drink and take drugs more. It's the same with taking financial risks with credit cards.'
Some consumers my paper spoke to agreed.
Said banking executive Daniel Lim, 31: 'Men tend to feel that they are invincible, and while women shop more they generally pay less per item. Men buy less but they tend to purchase more expensive items and gadgets.'
According to the study, more than half of the divorcees interviewed and 43 per cent of separated people surveyed roll over their balances, as compared to 39 per cent of married and 37 per cent of single people.
They are also more likely to miss their credit card payments as compared to singles - in March, the number of divorcees with an account that was 90 days overdue was twice the number of singles.
Said Mr Mark Rowley, general manager of CBS: 'The findings clearly reflect the cash flow strain a marital split can have on an individual's financial position.'
Still, Mr Rowley emphasised the importance of financial education on credit.
He said: 'While it may be easier for consumers to just pay the minimum balance and roll over the rest, they forget that this is one of the most expensive forms of credit.'
The typical credit card interest rate is 24 per cent per annum.
