Millions of British Women Entering Debt to Look Like Celebrities

More and more British women are finding themselves at the end of their financial ropes as times get harder, even after the global recession was said to have been on the way out. In the United Kingdom today, many women are eager to emulate popular celebrities and it is costing them to the tune of several thousand pounds with more added monthly. This alone is driving them to enter debt management plans in record numbers – at least for those who are able to come to their senses before it is too late.

New research from a top online price comparison site has revealed that fully 4 million women in the UK have run up debts averaging out to well over £3,000 in an attempt to look just like the celebrities they so admire. Much of this comes from the grand media culture that has definitely overtaken Britain in the past few decades, one of opulence and extravagance on a level that few can afford to keep up with.

This should be balanced, experts say, with the fact that an additional 3 million British men are finding themselves in the same position, meaning they have racked up debts that are far in excess of their monthly income. Men, too, are becoming ’shopaholics’ in the UK today, driving their balances ever higher on both store cards and credit cards, even taking out high loans to buy things they cannot afford. One in seven men face this situation while the ratio is even higher for UK women today.

Researchers have shared that women are primarily spending on high street fashions, but men are also splurging on designer clothing to the tune of over £550 each year for big name labels, twice what women spend for similar items. Men are leading the way in spending on person grooming products as cultural values continue to push them towards an ever more image conscious mentality, now outspending women who used to rule this sector of the average British budget. Men cite professional reasons for their spending, but experts are not convinced of the wisdom of taking on debt for reasons of personal appearance – job related or not.

According to researchers, these disturbing spending trends are often seen as easily fixable by short term solutions, but those solutions will do no good in the long run as interest rates rise and credit continues to be harder to obtain for the average UK resident.