Craigieburn third highest in Victoria for bankruptcies

NEIGHBOURS in this struggling northern suburb are declaring bankruptcy at a rapid rate.

CRAIGIEBURN residents are declaring bankruptcy at an alarming rate, with the struggling suburb rated third highest in the state.

A whopping 74 people in Craigieburn recorded personal insolvencies during the past financial year, according to the latest report by credit information bureau illion.

Craigieburn was rated closely behind coastal suburb Point Cook, which had 84 bankruptcies and Pakenham with 96.

ROXBURGH PARK TO MICKLEHAM MORTGAGEES FEELING THE STRESS MORE

CRAIGIEBURN HAS THE THIRD HIGHEST NUMBER OF INSOLVENCIES ACROSS AUSTRALIA DATA SHOWS

Rising debt levels, stagnant wage growth and falling house prices across the state’s eastern suburbs have been flagged as bad news for consumers, according to illion chief executive Simon Bligh.

He warned Melbourne’s property market could follow a similar trajectory to Sydney, which has suffered a declining property market and a subsequent rise in personal bankruptcies.

“The lights are flashing red across several regions in terms of rising consumer stress levels,” he said.

“Anyone who is thinking about declaring bankruptcy should carefully weigh up their options.

“Bankruptcy has long-term effects on a person’s financial position such as impacting their ability to borrow or even rent a home.

“We encourage anyone who is experiencing financial hardship to seek help from a financial counsellor.”

Meanwhile, Queensland accounted for five out of the top 10 suburbs and the Western Australian suburb of Baldivis had the highest number of personal bankruptcies nationwide at 105.

National Debt Helpline: 1800 007 007