16 May Personal Insolvency Statistics – Eastern Seaboard March 2018
The Australian Financial Security Authority (AFSA) has released their ‘Quarterly Personal Insolvency Statistics – March 2018’.
Queensland, New South Wales and Victoria recorded the highest amount of personal insolvencies for the March quarter and their figures make up over 75% of personal insolvencies Australia wide.
An interesting result from the statistics showed that despite Queensland making up less than 20% of the Australian population, it produced almost 30% of all personal insolvencies.
It was also reported that the most common cause for non-business related personal insolvency was due to an excessive use of credit.
We have created a list of common warning signs of insolvency for individuals. Some of these include:
- Applying for more finance or credit or often being denied for more credit
- Unable to pay creditors such as banks; credit cards and invoices (bills) on time or at all
- Often denial, believing the situation will go away
To view the full list of indicators for Individuals and Businesses, click here.