The footballer’s wives phenomenon is being blamed for a dramatic uplift in the number of young women declaring themselves bankrupt, which has come to the fore after the proportion of female bankrupts jumped from 32% in 2002 to 44% in the past year.
Experts believe young women are desperate to emulate such cultural icons as Coleen McLoughlin, famed for her extravagant shopping sprees and often pictured laden down with bags from designer clothes shops, and are willing to risk bankruptcy to achieve the look.
Research from BeatThatQuote.com shows a strong correlation to this trend, with data suggesting that the number of females under 30 taking out loans has doubled in the last 12 months - rising from 5% to 11% in a single year.
The ease with which unsecured personal debt can now be built up has also contributed to the effect, but experts warn that a small rise in interest rates could have a devastating effect on women in this position, as they have little room left for manoeuvre at the end of the month.
Recent government figures support this view with personal bankruptcy up 10% in the last year, at close to 16,000 cases between April and June, and that was followed by a record number of insolvencies this spring.
Miss McLoughlin herself stepped into the fray, using her regular column in celebrity magazine Closer to warn fellow women ‘not to try and shop and party like a footballer’s wife’, although presumably this warning does not apply to footballers fiancées.
Clearly not all of the 750,000 women who labelled themselves ‘shopaholics’ in a recent survey are married, or engaged, to footballers, which means the typical debt they carry of more than £8,000 each - amounting to a massive £61.96m - is unlikely to be paid off in a hurry.
So whether it is the desire to emulate this new breed of celebrity, the natural result of female financial emancipation, or whether it’s a problem that can be blamed on irresponsible banks offering cheap money - the fact is that a growing number of women are falling into the debt trap.
Sophie Neary, product director at BeatThatQuote.com, said: "Personal debt is an increasing issue for both men and women in the UK and although it is not much fun if you’re dealing with large debts, it’s essential to know exactly what’s available so you can manage your obligations as effectively as possible.
"There are many options on the market which can be used to ensure that your experience of debt is as painless as possible and BeatThatQuote.com is a good place to start comparing and contrasting these different options - whether it be personal loans, consolidation loans, credit cards, or mortgages - so you can make the most of what is on offer, and ensure you don’t end up paying out more than you should for your borrowing."
Philip Smith writes for Beat That Quote on all loans and finance topics.