record bankrupts-1st usa now singapore-next???, page-2

  1. 11,223 Posts.

    I remember reading an article a few months ago on US bankruptcies and the fact they were increasing at an alarming rate.

    A study showed that the biggest number of new bankrupts came from middle class 2 income families and the main causes being large mortgages and other houshold debt.

    These families were sailing so close to the edge with large mortgages on homes in better class areas and cars, furniture and other household items purchased on credit that they had no room to move or buffer should something go wrong, like one partner loosing their job through being laid off or due to illness. Not to mention the other problem that the effects of are yet to be felt in rising interest rates.

    I do not think the position for many families in Australia would be to much different

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