Report: Men on average have more and larger debts than women
A new report from Gældsstyrelsen (December 2021) shows that men have more debt to the public sector than women. Read the article and see what we as a debt collection company think your company should do to avoid bad payers and unpaid invoices.
The Danish Debt Agency's recently released report shows that men account for 80% of all private debt to the public sector - and men make up 64% of all Danish debtors.
If you delve deeper into the report, it also shows that men's debts are on average also significantly larger than women's. According to the Danish National Debt Agency's report, men owe an average of DKK 140,000 - while women owe just DKK 57,000
This is a trend that we as a debt collection company can recognize on behalf of our clients - who range from small businesses to large corporations, insurance companies, utilities and telecom companies.
Big debtors are also men
The debt report not only shows that men's total debt accounts for 80% of the total debt to the public sector - it also shows a clear over-representation of men as so-called "major debtors". The Danish National Debt Agency defines a large debtor as a person who owes more than one million kroner.
Among large debtors, as many as 15 000 men owe more than DKK 1 million to the public sector - while only 2 000 women owe more than DKK 1 million. This means that 88% of all large debtors are men.
Men with personal liability pull up the statistics
As a debt collection company, we have many theories as to why it is men who dominate the debt statistics. It is our assessment that there are many reasons why men have more and larger debts than women - including, among other things, risk appetite, which historically is greater among men.
The Danish Debt Agency points out, among other things, that one of the reasons is that many large debt items come from companies - and especially from companies with personal liability, i.e. where a company owner is personally liable for all obligations, including all debts.
Avoid bad deals - remember to credit score your customers regularly
Whether your customers are men or women, there is always a risk that customers will not pay your outstanding balances - and some sectors and businesses may be particularly vulnerable.
At Collectia, we have for more than 150 years helped thousands of Danish companies, large and small, with their debt collection; and thus to get money home from unpaid invoices. At Collectia, we handle the entire process - from the first reminder all the way, over the debt collection notice to the enforcement court if necessary.
We're not just a debt collection company, we see ourselves as an IT company - using our more than 150 years of debt collection experience to help you avoid bad payers altogether. We call this product Qatchr - advanced credit scoring tool. Qatchr helps you make informed decisions about your customers - new and old.
Need to read more? You can already try it for free and see if Qatchr is for you.
Collectia helps with debt collection
We are also happy to help your business if you are unlucky - and bad payers have hit your business.
Because our more than 150 years of experience in debt collection makes us one of the most serious players in the debt collection market in Denmark - and that benefits your business!
Do you need a no-obligation chat about debt collection? Don't hesitate to contact us today.
