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Real Estate News Releases
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(EstateNewsWire.com, November 22, 2012 ) Sydny, Australia -- A media release published in October by the Insolvency and Trustee Service of Australia(ITSA) announced provisional figures for personal insolvency activity for the September quarter. The numbers do not make good reading.
The statistics show that despite claims of strong economic prospects, personal insolvency continues to grow. Personal insolvency agreements in particular lead the growth in total activity, with debt agreements and bankruptcies also up in year on year analysis.
Overall there was a 2.16% increase in total personal insolvency activity compared with the same period last year, which amounts to an increase of over 6.5% on the previous quarter.
The breakdown is as follows:
Bankruptcies: up 0.25% year on year and 6.1% on the June Quarter
Debt agreements: up 8.7% year on year and 9.2% on the June Quarter
Personal Insolvency Agreements: Up a staggering 30.6% year on year, but down 12.5% on the June Quarter.
The principal factor driving the growth in both debt agreements and personal insolvency agreements was published as being excessive credit, which is not surprising according to Anthony Warner, CEO of Get Debt Free.
He says “Credit cards and personal loans continue to be the number one issue concerning the people we assist. Particularly for people in middle and lower income brackets, the pressure faced when unable to repay debts is what is driving people to personal insolvency.”
And with personal insolvencies on the rise, it is clear that more and more people will need help. Anthony has the following advice “Stay on top of your finances so you always know where your money should be going. The key to staying out of real financial difficulty is remaining in control of your debts and budget.”
Whilst personal insolvency remains a real risk, as in the current economic climate, people should make themselves aware of the options available to them. Personal insolvency can often lead to a breakdown in personal relationships and quality life but people must always remember there are options available. The Australian Government provides a variety of options for people to deal with insolvency and get back on their feet.
With continuing global uncertainty affecting the economic outlook remaining we will have to wait and see whether the personal insolvency activity stabilises over the next quarter. The next announcement of figures is due in January.
Contact Information:
Get Debt Free
56 Clarence Street
Suite 1 Level 2
Sydney NSW 2000
Get Debt Free
Riley
1800981070
info@tmaconsolidated.com.au
Source: EmailWire.Com 
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