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Roof Industry Bungle

7000 small businesses are facing bankruptcy and 6000 workers are likely to loose their jobs after the collapse of the insulation installation scheme.  When the government introduced the home insulation scheme it dramatically increased demand for home insulation. This false demand was met by a dramatic supply side increase in the number of “insulation installers”.  This false demand was...

australian financial review

Famous Bankrupts

Many people, when finding themselves facing bankruptcy or serious financial difficulty, feel isolated and alone.  Many feel that if they file for bankruptcy, they will have been a failure.  Many people who file for bankruptcy go onto do great things; below is a list of famous bankrupts.  Amoung the list you will find three US Presidents, the founders of the biggest two car manufactors (Ford...

Surprising Bankruptcy Fact

One in every 845 people enter into Bankruptcy every year (One in every 2750 will get lung cancer) 85.5% of people who file for bankruptcy are employees The most common cause of bankruptcy is unemployment accounting for 30% of all bankruptcies, followed by over using credit Clerical or Office workers are the most likely to file for bankrupcy 73% of people who file for bankrupcty are older than...

Debt Consolidation Benefits Decline

The benefits of  debt consolidation are fast decreasing.  Most people consolidate credit card debt into personal loans.  The main benefit is the lower interest rate.  However the difference betweed credit card interest rates and personal loan interest rates is decreasing.  With a difference of 5.5% in March 2008 the difference now is only 3.95% and expected to shrink. Reserve Bank data shows...

Bankruptcy Pros and Cons

When it comes to clearing your debts, bankruptcy should be seen as a great last resort rather than an easy first option. The great thing about bankruptcy is that almost all of your debts will be cleared – credit card debt, personal loans, tax debt, unpaid phone and utility bills and more. The only debts to remain will generally be court imposed fines and child support payments. The reason...