Bankruptcy 'increases among women'

The number of women declaring bankruptcy in Britain has increased almost five fold in the past decade, according to recent figures.

Data from the Insolvency Service found that almost two thirds of females in this financial condition were aged between 25 and 44.

There has been as much as a 28 per cent increase in the number of women resorting to personal insolvency in the past 12 months alone, the body reported.

Graham Horne, deputy chief executive of the organisation said: "These figures show that more and more young women have levels of debt incurred through trying to maintain lifestyles that are unsustainable."

In the expert's opinion, it is vital that all young people are aware that bankruptcy and debt relief orders should be the last resort.

Elsewhere, personal insolvency has fallen in Scotland, with the Accountant in Bankruptcy stating that there were 5,278 cases in the country in the first quarter of 2010 - a decrease of 15 per cent over the 12 months leading up to March.

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Anyone looking to remortgage their home to deal with debt management issues may struggle because of the falling house prices.

One of the signs a person may be struggling with debt management is that they only ever make minimum repayments on their credit card, one organisation has said.

Debt management problems in the UK could still be prevalent after new figures from the Bank of England showed record amounts of write-offs for credit cards.

There was an increase in the number of people looking for debt management advice from Citizen's Advice Bureaux in the first three month of 2010.

Filing for bankruptcy in cases of financial difficulty may not necessarily always be the easy option.

Homelessness in Scotland may be being caused by poor debt management, with a recent study showing a number of cases are due to mortgage arrears.

Debt management could affect pensioners, with living costs and inflation rising

Those going to university should make sure they draw up a monthly budget to avoid finding themselves with debt management problems, it has been advised.

If interest rates were not at an historic low, there would be more people struggling with debt management, one expert has said.

Thousands of new debt management cases are being seen by Citizen's Advice Bureaus every day, it has been revealed.