The AFSA released the quarterly personal insolvency stats last week.
Total personal insolvencies increased by 10.8% in the March quarter 2017 compared to the March quarter 2016. All types of personal insolvency increased: bankruptcies increased by 2.5%, debt agreements increased by 20.8%, personal insolvency agreements increased by 139.5%.
Debt agreements in the March quarter 2017 are the highest on record at 3,584 for the quarter. This follows the largest quarterly increase ever (548 compared to the December quarter 2016). Debt agreements reached record highs in Victoria, Queensland, South Australia and Western Australia.
While FSA has been losing market share in the debt agreement business, the size of the pie has grown substantially in the last twelve months which will hopefully result in an overall increase in numbers come reporting time. I am not expecting any nasty surprises.
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