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Cape Town - Men ignore debt and women find solutions for it, according to Shepard Silayi, debt consultant at Credit Matters.
“Men tend to be so aggressive when it comes to debt because they don’t want to take responsibility and they don’t want to accept the situation they are in.”
Debt Counsellors are often the first formal point of call for over-indebted consumers. A full credit report is drawn for both parties. It is during this process where a couples finances are laid bare.
Very often it here when a spouse discovers that his or her partner has lied about the amount of debt they have incurred.
Debt expert, Moeshfieka Botha says that debt affects relationships on an emotional and financial level.
“Debt is by no means only financial," said Botha.
"It has huge emotional implications on a family unit. When there is financial strain within a family, fighting between adults normally increase and the children suffer. As a society we have to learn to better communicate about our debt.”
Credit Bureau Association (CBA) executive manager Natasha Horwitz said in a statement their research found that women in general handled their finances more responsibly.
The CBA survey found that women owned fewer credit accounts at 48.2% than men who own 51.7%. They also owned the least number of credit cards at 44.2% and cellphone accounts at 44.1%.
Open, honest communication about your finances in your relationship is vital. It will go a long way to avoiding ugly debt related rows.
“In the assessments I have done, very often men want to fight and shift the blame. It would be much better if people openly communicated about things before it gets to this point,” Silayi said.
Watch the full interview