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Females 'suffering consequences' of credit cards
26 July 2010 11:35:20
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| More females are filing for bankruptcy. |
The Insolvency Service has revealed that women now account for 40% of all bankruptcies, with 29,680 being recorded in 2009, compared to 6,042 in 2000.
Furthermore, the study showed that younger women are finding it particularly hard to manage their finances, with two-thirds of the bankruptcies made up by 25 to 44-year-olds.
"One thing that stands out is that 58% of women made bankrupt are between the ages of 25 and 44. They are the ones who are spending and incurring credit card debt," Nigel Millar, business recovery partner with accounting service Baker Tilly, told the Independent.
"Females have much more control than they used to over their own finances; however, they are getting more credit and incurring the consequences."
However, women's rights groups have hit back at the findings by suggesting that they simply "earn less, own less and have lower earning potential" than men.
According to the Insolvency Service, there were 4,082 compulsory liquidations and creditors' voluntary liquidations in England and Wales in the first quarter of 2010.
This seasonally-adjusted total represents a decrease of 8.4% from the previous quarter and a fall of 17.8% from the equivalent period 12 months earlier.
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