Friday 19th of June 2009
Young women have overtaken their male counterparts by becoming more likely to be declared bankrupt, it has been found.
Accountancy firm Wilkins Kennedy carried out an analysis of Insolvency Service figures, finding that 55 per cent of those aged under 24 who were made bankrupt last year were female.
It represented an increase from the 48 per cent recorded five years ago and director of Wilkins Kennedy Anthony Cork suggested that irresponsible spending is to blame.
Those who fear that they may have to file for bankruptcy could seek advice on alternatives such as individual voluntary arrangements (IVAs), as solutions are available in many cases.
Commenting on the trends, Mr Cork remarked: "The growing availability of credit has meant that for those status-conscious, who want to exhibit the trappings of success, designer clothes and jewellery seem misleadingly achievable."
A similar observation has been made by Samantha Nurse of Citizens Advice, who told the BBC that a desire to emulate a celebrity lifestyle is leaving many people with debt worries.
- House price rise 'may not indicate recovery'
- Equity release 'needs to be increased'
- Need for IVA help could increase as expert predicts reduction in lending
- Government announces 'breathing space' for those needing IVA help
- Lack of subprime lending creating need for IVA help, expert suggests
- IVA advice could be way to tackle high interest payments
