By Martin North, cross-posted from the Digital Finance Analytics Blog:
New data from the Australian Financial Security Authority shows that in 201617, the most common non-business related causes of debtors entering personal insolvencies were:
- excessive use of credit (8,870 debtors)
- unemployment or loss of income (8,035 debtors)
- domestic discord or relationship breakdown (3,222 debtors).
However, employment related issues figured first in WA and SA. Here is an extract from their report:
Non-business related causes of personal insolvencies, 201617
While these were the three most common causes of debtors entering non-business related personal insolvencies in every financial year from 200708 to 201516, excessive use of credit over…
Read the full article at: https://www.macrobusiness.com.au/2017/09/excessive-credit-drives-personal-insolvencies/