“I needed to take drastic action as I was only two months months away from bankruptcy,” Barrass says.
While Barrass, from Melbourne, now owns a cleaning business and has managed to turn her finances around, more Australians are finding it difficult to keep the wolf from the door.
Bankruptcies increase
Figures from credit reporting agency Illion (the former Dun & Bradstreet) suggest the number of personal bankruptcies rose by 4 per cent nationally, for the year to June 30, 2018, compared with the previous financial year.
Illion chief executive Simon Bligh says rising debt levels, stagnant wage growth and falling house prices across the eastern seaboard are a bad combination for consumers.
“The lights are flashing red across several regions …
Read the full article at: https://www.smh.com.au/money/borrowing/stacey-avoids-bankruptcy-as-more-tip-over-the-edge-20180802-p4zv1p.html