People in Sydney suburbs have worst credit card debt

By Mozo ·

Sydney is one of the most expensive places to live in the world and it seems that many of the city's residents are overstretching themselves financially.

Despite the fact the metropolis has some of the most pleasant suburbs in the country, living in these luxurious places comes at a great cost for many.

Indeed, new figures released by government agency Insolvency and Trustee Service Australia have shown that Liverpool, Mount Druitt and Campbelltown are "credit card debt hotspots", the Sydney Morning Herald reports.

The organisation revealed that 163 bankruptcy cases were filed in the last financial year in Mount Druitt, Minchinbury and surrounds – the most in Australia.

MP for Mount Druitt Richard Amery said there are lots of single-parent families in the region and these people are particularly vulnerable.

"Whilst it's an area where real estate values are moderate, you can still over-commit yourself and … [many] people see bankruptcy as the only way out of the debt spiral," he was reported as saying.

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