Financial planning doesn’t sound too difficult on the surface. In a city like Perth with high income level and a booming property market, one would think that we are all great at planning our budgets and finances. Recently, the owners of a website called Australia.CreditCards.com compiled the latest statistics about credit cards and debt.
The numbers should be enough to convince you that many of us could use some professional help in taking care of our finances.
Total personal financial insolvency rose 6.11% for the March 2014 quarter over the same period in 2013.* 4,932 Australians declared bankruptcy in the quarter, which was 3.31% more than the same quarter last year. Debt agreements for the March 2014 quarter rose to a record high of 2,678.
Western Australia, along with Queensland, had a record number of debt agreements in the March 2014 quarter. WA’s number of personal insolvency agreements rose 19.47% over the March quarter of last year.