Saturday, Sep 23, 2006

Bankruptcies hit young in Australia

Sydney Morning Herald: Many bankrupts are young, single and jobless

ONE-fifth of bankrupts are under 30 and struggling to survive in an economic climate of record debt levels and rising interest rates

Posted by mudhut @ 08:51 PM (564 views)
Add Comment
Report Article

1 Comment

1. Retired Banker said...

An inevitable consequence of many people in low paid jobs being bombarded with advertising for
expensive consumer goods, holidays in far away places, etc.

I know a young lady with a well paid job with a leading bank in the City of London, who still managed
to run up credit card debts of more than 30k due to her penchant for designer clothes and shoes.
She and her circle of friends think nothing of flying to Dublin, New York, Prague, just for weekend
shopping trips. Skiing holidays and trips to the Far East are considered to be the norm as far as
this spoilt lot are concerned.
Her parents have helped provide her with a flat in Islington, and regularly clear her credit card borrowing,
so she does not have to face-up to financial reality.

The trouble starts when other youngsters from less privileged backgrounds try to emulate this lifestyle,
without realising the background circumstances that make it possible, and end up with a huge amount
of debt.

Sunday, September 24, 2006 11:30AM Report Comment

Add comment

  • If you do not have an admin password leave the password field blank.
  • If you would like to request a password allowing you to add comments and blog news articles without needing each one approved manually, send an e-mail to the webmaster.
  • Your email address is required so we can verify that the comment is genuine. It will not be posted anywhere on the site, will be stored confidentially by us and never given out to any third party.
  • Please note that any viewpoints published here as comments are user's views and not the views of
  • Please adhere to the Guidelines
Admin Password
Email Address

Main Blog | Archive | Add Article | Blog Policies