With the overuse of credit cards becoming more of a problem yearly, young women are declaring bankruptcy after using their credit cards for major spending sprees. Some women have run up debts of more than $50,000 buying clothes, going on holiday and living the high life socially.
Not so long ago it was rare for women to declare bankruptcy but, today, the number is growing rapidly thanks to the easy access to instant credit on credit cards. Uncontrolled spending on, and easy access to credit cards is blamed for bankruptcy rates among women rising. It is unfortunate that women allow themselves to spend uncontrollably and run up huge debts in the pursuit of frivolous lifestyles, or trying to relieve the boredom in their lives which only shopping seems to fill.
Examples of famous women who ran up huge bills on their social lives are the Duchess of York and Paula Yates. Both earned millions from their careers and Yates died leaving only £14,000 behind. And the Duchess of York was publicly criticised for running up bills of more than £4 million. Many more women are finding themselves filing for bankruptcy as the only way out of a problem and debt they can never pay off. Read the rest of this entry »
