Bankruptcies, debt agreements and personal insolvency agreements all rose in the final quarter of 2017, according to new data.
The Australian Financial Security Authority (AFSA) has reported that there were 7,578 new personal insolvencies in the December quarter up 7.4 per cent on the previous year.
Breaking down the numbers, those 7,578 insolvencies included:
- 4,029 bankruptcies (up 1.3 per cent)
- 3,500 debt agreements (up 15.3 per cent)
- 49 personal insolvency agreements (up 14.0 per cent)
The December quarter was also the 10th consecutive quarter in which debt agreements increased in year-on-year terms.
Reasons for insolvencies
The most common cause of non-business…
Read the full article at: http://www.ratecity.com.au/personal-loans/news/australians-falling-victim-debt
