If you or members in your family are finding things tough, youre not alone. Statistics released by the Federal agency responsible for bankruptcies show a 27 per cent increase over the year in formalised arrangements made under the Bankruptcy Act.
The figure includes a 15 per cent increase in bankruptcies over the same period, a figure which is expected to rise.
Justine Clarke, the general manager of financial counselling group MIDLAS, said they were seeing an increase in people seeking voluntary bankruptcy.
There are a lot of young people that see it as an easy way out but they dont seem to appreciate the long-term damage that it can cause Ms Clarke said.
While access to future credit might be restricted and higher interest rates charged, t…
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