In several reports on Thursday (June 23), the Insolvency Department revealed that the number of bankruptcies totalled at 274,628 as of May 2022. More worryingly, statistics showed that an average of 18 people were declared bankrupt daily in the first 5 months of 2022, while more than 200 of those declared bankrupt since 2018 were aged 25 or younger.
According to the report, almost half of the bankruptcies were caused by personal loans, vehicle hire purchases, business loans, and outstanding credit card payments. In other words, it can all be linked to overspending.
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