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More women turn to credit cards and loans to make up for their lack of income

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More women are turning to credit cards and even payday loans to get from one month to the next as they cope with shortfalls in their income, a study has claimed.

A survey of more than 2,000 people by credit report company Callcredit found that 72 per cent of women have applied for some form of credit in the last 18 months, compared to just 28 per cent of men.

Worryingly, the main reason women cited for applying for credit was to make up for shortfalls in their income.

Debt spiral: More women are turning to credit cards and loans to make up for their lack of income.

But while women are more likely to have taken out one form of credit in the last 18 months, more men than women took out multiple forms of credit, at 50 per cent of those surveyed compared to 41 per cent of women.

Graham Lund, Callcredit managing director, said: 'It's clear...that the financial pressures of day-to-day living are continuing to increase which in some cases is causing consumers to look for additional credit to help cover any shortfall.

'As people look for alternative ways to cope with the strains of a spiralling economy, it is ever more important for lenders to have a deeper understanding of customer affordability to consider the financial pressures they already have.'

  More... Millions scupper chances of getting the best mortgages and credit cards by deliberately skipping loan repayments Credit unions to offer more cheap loans to in battle against loan sharks and payday lenders Check your credit rating

The research also found that women are now far more likely to apply for credit to cover household goods than men, as well as being more likely to resort to the desperate measure of taking out an exorbitant payday loan.

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The pay gap between men and women is still large, with figures from the Higher Education Careers Services Unit earlier this year showing that 70 per cent of recent female university graduates are  earning less than £24,000, compared to 55.6 per cent of recent male graduates.

And European Commission studies in March found that across the continent women earn on average 16.2 per cent less than men.

It comes at a time when many individuals are struggling to make ends meet, with debt charity Debt Change last week saying the squeeze on UK household budgets is reaching 'crisis levels'.

It found there was a dramatic rise in 2012 in the number of people unable to pay their rent, gas, electricity, water and council tax bills.

The average amount those in arrears owed stood at £2,258 last year, compared to £2,134 in 2011.

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