Dozens go bankrupt on the Fraser Coast

FRASER Coast residents are struggling to pay off their debt, with a total of 48 people and businesses going bankrupt in the last financial quarter.

In Maryborough, 15 people declared bankruptcy, compared to 25 in Hervey Bay, between July and September.

The number was about the same as the March to June quarter, which saw 39 people file for bankruptcy in the two cities, 13 in Maryborough and 26 in Hervey Bay.

According to Australian Financial Security Authority figures, there were eight insolvent businesses on the Fraser Coast in July to September, compared to nine in the previous quarter.

It comes on the back of a number of businesses shutting including the Supa IGA at Maryborough Plaza.

 The figures suggest job losses like these are starting to impact Fraser Coast families.

Across Queensland, 2325 people became bankrupt or insolvent, down 159 from the previous quarter.

As we move into the busy Christmas period, people are being warned to not rack up a sizeable debt to avoid financial problems.

Australia's corporate regulator ASIC, through its MoneySmart website, offers tips and tricks to help as Aussies plan to spend about $1079 on average during the holiday season.

MoneySmart says during the post-Christmas debt hangover, 80% of shoppers pay off their debt within three months, 11% in three to six months, and 7% of people take more than seven months to pay off Christmas debts.

MoneySmart offers tips including keeping your repayments up to reduce interest, close each account as it is paid off then lower the limit of your final credit card. The website moneysmart.gov.au has phone and tablet apps that build budgets and track spending.
 



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