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Study: Women Pay Way More Over a Lifetime to Borrow Money than Men

Young_Chitlin YCN Chief/FCC Member/#RedVelvetSquad Member/IC Task Force GeneralASUville, PhoenixMembers Posts: 23,852 ✭✭✭✭✭
edited September 2012 in The Powder Room
By: Doug Barry

Being a woman is one of the most expensive things to be, which is why every woman should get at least a share of all the grant money that's being spent figuring out how to give old people erections and hair. Old people don't need those things — they need to not be condescended to and a warm place to rest their feet. As if it weren't enough that women have to pay more than men for health insurance or hygiene products, there's also this: women pay higher interest rates on credit cards than men.

According to a study FINRA Investor Education Foundation, the difference is only a half-point, but, over a lifetime, such a disparity could mean that women end up paying hundreds or thousands of dollars more to borrow than men. 🤬 , right? The study had some other less-than-pleasant news about the different ways credit card companies prey like velociraptors on men and women with low levels of financial literacy. Women with low financial literacy, it turns out, are more liable to develop bad credit card habits, such as carrying a card balance, paying only the minimum, and paying late fees than their male counterparts.

Couple this with the fact that women in almost every congressional district across the country are being out-earned by men (in D.C., for example, the median woman's salary is 90 percent of the median man's salary, which, notes U.S. News, can amount to almost a $6,500 annual difference), and you have the National Partnership for Women & Fairness pushing new legislation called the Paycheck Fairness Act. The credit card disparities, moreover, can be ameliorated with greater education, which seems, according to FINRA, to solve many credit disadvantages women face.


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