The increase in debt levels among British women of all ages is worrying analysts. The rise has been alarming– a fivefold increase in the last 10 years. Even more worrying to some is the number of people who feel that they would be better off applying for bankruptcy. This number has risen sharply- in just one year, the increase was an astonishing 28%.

There are a number of reasons why some, not all, women are struggling on without getting proper debt advice. These reasons may be interlinked with the reasons why they fall into debt in the first place. Some of these reasons include: pride, uncertainty, reckless spending, and lack of familiarity with interest charges and late payment penalties.

Irresponsible spending is the principal reason why some women fall into debt but not all women can be generalised in this way. The vast majority of women receive debt advice from sources that often are ill equipped to offer advice or have underhand motives in their communications. Dubious financial practice among issuers of credit is a significant factor in why we are seeing such a spike in the numbers over the last 10 years.

Celebrities with their glamorous lifestyles have done a certain percentage of women – and men, too – a disservice in that they encourage a consumer culture of excessive and consequence free spending. This form of instant gratification spending has seen debt levels soar so high that many find it difficult to recover even after a period of 5 to 6 years.

Best practice suggests speaking to someone who can assist is the first step to debt recovery. Such a person generally works for a reputable debt consolidation firm. They can give debt advice and offer help with planning and organisation. This is not a quick fix but a long term plan for debt clearance that requires discipline and commitment. Use the company’s debt advice to plan and initiate your repayment process but be aware that the real solution has its roots in examining the underlying reasons that caused the problems in the first instance.

Some of these reasons include divorce, being a single parent and not having anyone to turn to for debt advice. Some of these problems are easy to overcome while others are not as simple and will require more of a prolonged effort from all parties concerned.

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