Women's love for shopping - Could be the cause of their debt?

If you believe that women are in debt because of their love for shoes and handbags you may be wrong.

The Insolvency Service has recently revealed that there has been an increase in bankruptcies amongst women.
The Daily Mail has also released a report backed by lots of statistics to reveal that the number of women in debt is at record high.

The majority of women who seek help to solve debt problems are due to a number of circumstances. The CCCS believes that rising unemployment is one reason for the increasing number of insolvent women. Financial experts have also warned that the situation will get worse as the public sector is hit by spending cuts.

Financial challenges which are brought by starting a family are also causing many women to be in debt.

The majority of women don’t borrow to lead a lavish lifestyle, but in many cases to maintain an already frugal lifestyle. In this view, the conception that women are addicted to shoes and handbags and spend much on these items has little impact on women falling into debt. On the other hand some people suggest women are in debt because they are unable to handle their finances properly as they find themselves spending money on non-essential.

Although there are a few articles which provide an insight on how men are left in debt due to their spending patterns. Football Fans Inflation Index provided by Virgin Money has revealed that about 20 percent of all male football fans directly borrow in support of their teams.

While the circumstances leading to debt for both men and women and may differ, women are not in debt solely because of their love for shopping, the debt they incur is in many cases meant to improve the life of their families.

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