It is reported that many young, professional women are working their way up the career ladder and not having a problem with spending beyond their means, believing that one day they will have the money to pay off their overdrafts and credit card bills.

Shopping has turned into the country's number-one leisure activity with easy available credit and low introductory interest rates. In a poll of 2000 women, it was revealed that around eight in ten women in their 20's spend more than they earn with half owing an average of £3830 on credit cards with many admitting to receiving financial help from their parents.

Many begin their escalation into debt when offered overdrafts and credit cards by their bank with many admitting they spend vast amounts on clothes, makeup, going out and pampering treatments believing that by working hard, they deserve the rewards. They are soon caught in the "spending trap" by competing banks offering tempting credit facilities together with targeted and cleverly designed advertising material aimed at the 20 to 40 year old age group.

There are many ways in which people can take control of their finances:

• Switch credit providers to get the best rates of interest before making regular payments
• Set a shopping budget and keep to it - ask yourself if you really need the item you are considering purchasing.
• Transfer your credit card debt to a zero per cent interest card and begin paying off the balance each month. Make sure you switch cards when the introductory zero interest rate is finishing.
• Avoid store cards whenever possible - interest rates can be as much as 30% which is twice as much as the average credit card rate. If you do take out a store card to save money on your purchases, make sure you pay off the balance as soon as you receive the statement and then close the account.

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