 TITLE: Women and Credit 2020: How History Shaped Today’s Credit Landscape CONTENT: How Women's Credit and Finances Compare to Men's\n------------------------------------------------\nWomen's and men's average FICO® Scores are nearly identical: 705 for men and 704 for women, according to Experian data from the second quarter (Q2) of 2019. Both groups' scores have increased about 10 points since Q2 2015.\nMen carry more debt than women across nearly all categories, but the differences aren't always significant. For instance, men have just $125 more in credit card debt than women on average, as of Q2 2019. But women have more open credit card accounts than men do: 4.5 compared with 3.6.\nPersonal loans reflect the largest statistical spread between debt balances by gender. Men have 20% more personal loan debt than women: $17,716 compared with $14,780. They also have 16.3% more auto loan debt and 9.7% more mortgage debt.\nWhen adding up all types of debt we analyzed—credit cards, student loans, auto loans, personal loans, home equity lines of credit and mortgages—men carry $18,533, or 21.7%, more debt than women.\nOne outlier is student loans: On average, women have $36,131 in student loan debt, which is $943, or 2.7%, more than what's carried by men.\nSource: Experian Q2 2019 data\nMen's and women's attitudes toward debt differ, according to a 2018 American University analysis of survey data among unmarried consumers. Women were more likely to say that taking on debt is acceptable during periods of financial hardship, such as when they're between jobs. Men were more likely to say it's acceptable to incur debt to buy luxury items. That may account for some of the difference in debt loads.\nSo, too, might the fact that women's earnings generally lag behind men's. While women's FICO® Scores have reached parity with men, their incomes haven't. Even with additional education, the income difference in many occupations still exists.\nOverall, women without bachelor's degrees earn 78 cents for every dollar men earn, according to the U.S. Census Bureau. While bachelor's degree holders earn nearly double the salaries of those without, the gender wage gap is even greater among the college-educated. Women with college degrees earn 74 cents for every dollar men earn, according to the U.S. Census Bureau. END