by Mike ‘Mish’ Shedlock
It appears there are a bit of credit difficulties down under.
Cash-strapped Australian personal insolvencies, bankruptcies, and debt agreements experience their sharpest rise in seven years.
Please consider Struggling Aussies Rack Up Debt.
Alarming new figures released yesterday by the Australian Financial Security Authority found personal insolvencies in the June quarter climbed by nearly 14 per cent compared to the June 2015.
Debt agreements — an agreement between a debtor and a creditor where creditors agree to accept a sum of money from the debtor — rose by nearly a massive 25 per cent.