Nearly half of all people applying for bankruptcy are women for the first time ever, according to research by MoneyExpert.com.
While celebrities like Jordan are spending millions on holiday homes abroad, the UK’s debt has risen to more than £1.1million, and more and more of those feeling the strain are women.
In 2000, 32 per cent of those going bankrupt were women, now the figure is 48 per cent, and it is expected to keep climbing.
MoneyExpert.com says: “Analysts believe more women are racking up unmanageable debts as they now feel more under pressure to maintain lavish lifestyles.
“They want to spend it like the Beckhams but don't have the income to sustain the debts they run up. More women in work believe they have to compete with men but they struggle because they're not paid as much.
“The gender pay gap is still massive with women earning less and that makes them more vulnerable to rising interest rates. Increasingly they have to borrow more to get on the property ladder - and if they live alone there's no one else to share the burden.”
Keeping debt under control is vitally important, says MoneyExpert.com – there are consolidation loans available, so that you can put all your debts in one place. If debt problems have already gone too far, the options are an IVA (Individual Voluntary Arrangement) or bankruptcy, but you should think very carefully before doing anything so drastic.
“With bankruptcy there are serious implications - you may struggle to borrow money in the future and have to have your spending monitored,” says MoneyExpert.com
Find out more about debt consolidation loans
, get debt advice
or find out more about IVAs
and or find out more about Declaring Bankruptcy