News

Grim reading: Highest number of Rocky people crushed by debt in years

TIMES ARE TOUGH: Personal insolvencies are on the rise in Rockhampton.
TIMES ARE TOUGH: Personal insolvencies are on the rise in Rockhampton. belchonock

PEOPLE are still doing it tough in Rockhampton, according to the latest personal insolvency statistics released by the Australian Financial Security Authority (AFSA).

AFSA describes a personal insolvency arrangement as a strategy to help people manage their debts to avoid bankruptcy.

During the second quarter of 2017 (March - June) for Rockhampton, the number of new debtors with non-business insolvencies rose by 3 to 68 and the number of business related insolvencies rose by 1 to 11.

This took the total number of new debtors to 79, a slight increase of 4 from the March 2017 quarter.

Unfortunately this number has been gradually rising over the years and is now at the highest recorded level since 2013.

When comparing total new debtors statistics with other regional centres, it was a mixed bag.

Gladstone recorded a drop of total new debtors from 56 to 38 while Mackay rose from 69 to 91 with Townsville still registering the highest number of new regional debtors with 116 after dropping from 126 the previous quarter.

When Rockhampton's 79 total number of new personal insolvencies was broken down, the number of people declared bankrupt was 33 and the number of people entering into debt agreements was 46.

Throughout Australia, there were 7,729 debtors who entered a new personal insolvency in the June quarter 2017 - a fall of 311 debtors (3.9%).

Comparing states, Queensland had one of the strongest falls, falling by 131 and 111 new debtors respectively with falls in the number of new debtors in both the capital city and the rest of the state.

According to the AFSA website, a personal insolvency agreement involves the appointment of a trustee to take control of your property and make an offer to your creditors. The offer may be to pay part or all of your debts by instalments or a lump sum.

Before entering a personal insolvency agreement you should seek advice, know your options and understand the consequences.

Financial counsellors help people in financial difficulty, their services are free, independent and confidential.

You can talk to a financial counsellor from anywhere in Australia by phoning 1800 007 007 (9.30am - 4.30pm Monday to Friday).

Topics:  afsa australian financial security authority bankruptcy financial counsellors financial difficulty personal insolvency personal insolvency arrangement



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