Phones and cards push young people into bankruptcy
Credit cards and mobile phones are pushing more young people into bankruptcy agreements says debt recovery company Prushka. In the March quarter, Part Nine bankruptcy debt agreements covering debts of under $20,000 are up 21.5 per cent on the same period last year. Pushka says up to eighty per cent of Part Nine agreements are for debts involving mobile phones and credit cards, many for young people under 25 who don't know how to control their spending. Credit card and phone companies are only doing cursory credit checks on customers says Pushka.