In a study released by Chiltern, those males who are seeking help handling their debts owe about 20 per cent more via secured personal loans, credit cards and other types of borrowing than their female peers. The news comes as the financial management company indicates that men could also be struggling to service their debts as such consumers are making a lower proportion of repayments to creditors than women, after seeking out professional guidance.

Additionally, the study revealed that men entering an agreement with creditors earn more money on average than women - 24,627 pounds compared to 22,530 pounds - and spend more cash every month. Overall, the typical man entering an informal debt management scheme owes 29,914 pounds to an average of 7.8 creditors.

Women, on the other hand, are 23,946 pounds in the red - although this is spread across more sources (8.1 creditors). The research also showed that women are back in the black almost two years before their male counterparts, as it takes men 136 months to complete making repayments - some 22 months more than women.

Commenting on the research, Joanne Gill, spokesperson for Chiltern, said: "The debt profile of men and women highlights the really difficult and unsustainable position both sexes are in when they turn to a company like Chiltern to help them manage their debts".

"We know that by the time people reach us they have struggled on their own to manage debts for a number of years, getting caught in a cycle of borrowing to pay off creditors and then spending on credit again because they cannot afford to pay for the things they need in life, like their rent or mortgage and food."

The company also advised consumers at risk of "debt stress" to seek professional guidance. Such people, according to Chiltern, often have at least four different credit commitments and constantly use credit cards, loans and other types of borrowing to fund the purchase of "necessities" such as transport costs and food. In addition, those who suffer from debt stress put a quarter or more of their income aside to make repayments on various sources of unsecured debt and often make only the minimum contributions towards plastic cards.

It was also suggested that a key indicator of borrowers developing difficulties with handling their finances is if they have a history of merging their debts, for example through a consolidation loan, only to continue to take out credit in the future.

However, if those struggling with their money are determined to avoid going back into the red again then applying for a debt consolidation loan could be a wise move in terms of getting back on their financial feet. By amalgamating various debts into a single low-rate loan, borrowers could well find that they have more disposable income left at the end of each month. Research conducted by Women's Health Council and the Money Advice and Budgeting Service shows that more than two-thirds of women in Ireland claim that debt difficulties have had a negative impact upon their health.