When Hannah*, 32, found herself struggling to make ends meet during the pandemic, she started using credit cards to keep herself afloat.

“I was juggling studying with trying to work and look after my children,” the adult social care worker tells Stylist. “When I was offered credit cards, I [started] using them to buy things for the house. Eventually, I was offered more and more loans – I maxed them all out and could only afford to make minimum payments.”

Like so many women, she found herself stuck in the vicious cycle of debt just to afford the very basics of her life.

Debt is something many of us feel we can’t escape from. Whether it’s racking up student loans from university or dipping into credit cards to make ends meet, debt is deeply entrenched in our daily lives.

Dubbed by campaigners as the personal debt crisis, nearly 10 million people in the UK find themselves deep in debt, a figure worsened by the Covid-19 pandemic and cost of living crisis. 

According to The Money Charity, the average UK household is more than £65,000 in debt (including mortgages), with around 330 people a day declaring themselves insolvent or bankrupt in England or Wales in the latter part of 2023. This comes down to one person becoming insolvent every four minutes and 22 seconds.

New research from personal insolvency provider Creditfix reveals that the average debt level for millennial women is disproportionately higher than other groups, with big life events and the cost of modern living often leading to excess spending.

For women aged between 25 and 35, average debt levels increased by over £900, from £12,252 in 2021 to £13,158 in 2022 – with women in their 30s facing the steepest increase in debt.

The survey also reveals that this age group has also felt the effects of the cost of living crisis more than any other group, which makes them more likely to find themselves in debt.

For Hannah, it was a case of getting into debt just so she could pay for everyday items, such as food, household essentials and fuel, which overwhelmed her.

“I didn’t feel I could get help [managing the debt] that easily, but it took me a while to realise I was in trouble,” she said. “I just felt like I was drowning.”

Being with the father of her children at the time didn’t make it easier. “His credit was so poor that it was me that was relied on to solve the situations.”

While Hannah is now in a better situation, she urges other women to “seek help” before finances get out of control. “If you’re relying on credit cards and loans to pay every day expenses, then that’s a real problem and it will only get worse,” she said.

The disproportionate impact of debt on women isn’t new and has been well-documented in the past. For instance, analysis published by the Women’s Budget Group and Runnymede Trust found that women and ethnic minorities are more likely to bear the burden of the effects of austerity. Not only that, but research from the Money Advice Service back in 2016 found that 55% of those in debt in the UK were women.

Women are also more likely to face pressure to make ends meet, with nearly 1.5 million more women than men saying financial problems have caused them many sleepless nights.

“The end of your 20s is often associated with moving onto the next stage of your life, so it’s deeply concerning to see the rise in debt levels when people hit 30,” said Layla Johnson, regional manager at Creditfix. “A lot of people feel embarrassed talking about money and when this is compounded by issues in your personal life that can be very sensitive to discuss.

“Many people are also amazed how relieved they feel after taking those first steps to address the challenge – never underestimate the power of talking and sharing your problems.”

Speak to a Financial Conduct Authority registered financial adviser before taking financial advice, and think carefully before making any decision.

If you’re concerned about debt, please get in touch with Step Change. If you’re worried about your mental health, you can contact Mind or Samaritans. 

Images: Getty