Female debt ‘exacerbated’ by consumer pressure

Beccy Boden Wilks, from National Debtline, has expressed concern that women’s magazines are exerting social pressure to buy new clothes, which could be why more and more women are racking up credit card debt.

Her comments follow findings from the Consumer Credit Counselling Service that showed more women should be going bankrupt if they followed the best advice but are reluctant because of the social stigma.

While almost half of those recommended to declare bankruptcy are single women, two- thirds of those who go down this route are men.

“You might argue that people of this age group, especially women, are more susceptible to social pressure to have all the nice things,” she said.

“There is more consumerist pressure for that age group.”

Accounting firm Wilkins Kennedy has predicted that by 2009, women will account for more than half of all those declaring themselves bankrupt.

This is partly because they are mimicking the lavish lifestyles enjoyed by football players’ wives and girlfriends, the firm said.