Bankruptcies decline 17.4 per cent in March

The number of bankruptcies last month fell by 17.4 per cent in the year leading up to March, new data has shown.

Figures from Insolvency and Trustee Service Australia revealed that there were only 5422 new bankrupts last month, reports the AAP.

This represents the lowest number recorded since 2005 and it is the fifth quarter in a row in which there has been a drop.

While the figures indicate that Aussies are dealing better with their debt than they have in recent years, federal attorney-general Robert McClelland suggested that recent natural disasters could have an adverse effect on future figures.

Despite this, with the number of people in severe financial difficulties declining, this could be a great time to consider looking at home loans to purchase a property.

This comes after Treasurer Wayne Swan asserted that the unemployment rate in the country was also impressively low at the moment, the AAP recently reported.

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