Women wading into deep debt

But in doing so they are going bankrupt in record numbers as their earnings do not much the bank balances that the England footballers’ Wives and Girlfriends (Wags) have, accountants Wilkins Kenned claimed.

“The Wag-type is a person who thinks they should have a much higher lifestyle than they can afford. Young women are increasingly choosing this Wags lifestyle but it can’t be sustained indefinitely,” said Keith Stevens, an insolvency partner.

“Eventually the debts catch up with you.”

His warning comes as figures show that the proportion of women bankrupts rose from 32 per cent in 2002 to 44 per cent last year.

At current rates, Mr Stevens expects half of all bankrupts to be women by 2010 as their spending is far greater than their earnings.

With women still earning less than men on average, Mr Stevens added that he was worried that a further increase in the interest rates could be too much for many in debt with loans.