The Australian Financial Security Authority (ASFA) has released the Top Causes of Personal Insolvency for 2013 -2014.
Top Causes Non Business Related Personal Insolvencies were:
- Unemployment or loss of income
- Excessive use of Credit
- Domestic Discord
** 24,438 or 81% of debtors entered a personal insolvency because of non-business related reasons in 2013-2014 – compared to – 5,857 or 19% of all total debtors entered a personal insolvency due to a business related matter.
These numbers seem high, however when the December 2014 figures are compared to the December 2013 figures, there has been a fall of 8.1% of personal insolvencies recorded.
