Saturday, September 23, 2006

Bankruptcies hit young in Australia

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 (609 views)
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One thought on “Bankruptcies hit young in Australia

  • 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.

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