Poorly paid jobs after university add to debt
Three-quarters of young women are in debt - with a quarter of those owing more than £15,000, according to a survey commissioned by Company magazine.
Those who have just left university or are struggling to get their foothold on the career ladder are having the most problems.
Poorly paid jobs after university and even the cost of postgraduate education mean that debts can often spiral out of control.
Debt Crisis
Many found that their debt problem was the result of university education, but this was exacerbated by expensive rent and active social lives.
One in three women between 18 and 28 years old, who were surveyed, had students loans or overdrafts, while one-quarter had other loans or mortgages and two in five had credit card debts.
One 26 year old in the survey said: "My debt has grown and grown. I took out three student loans at university, then a £6,000 bank loan to pay for a postgraduate course in London.
"But it wasn't enough to live on and by the end of the year I was living off hardship funds from the student union.
"A year later most of my debts were covered by a huge £19,000 loan, I'm not allowed a switchcard and about a fifth of my monthly salary goes on repayments."
Credit action
The government recently launched a crackdown on rogue lenders and announced that it would overhaul consumer credit legislation.
The measures include cleaning up credit agreements, and providing more transparent loan information and clearer advertising rules.
But while experts welcomed the measures they were doubtful of whether they would have an impact on irresponsible lending.
A recent survey revealed that nine out of 10 people felt it was simply too easy to borrow money.
Donna Bradshaw of Fiona Price & Partners, an independent financial adviser, said: "There is a huge temptation to take out bigger and bigger loans to cover other debts, or to keep upping your credit card limit.
"It is also very easy to fall into the store card trap because they give you a discount and you do not have to pay them off completely every month."