Rising Number of Private Insolvencies

BusinessEconomy ♦ Published: December 15, 2011; 15:30 ♦ (Vindobona)

Mobile phone and car expenses are causing most private insolvencies in Austria.

Rising Number of Private Insolvencies / Picture: © Vindobona.org

The number of private insolvencies will increase by 6.3% to approximately 11,000 this year, according to forecasts by the AKV (Alpenländischer Kreditorenverband). Main reasons for this development are poor money management skills, increasing food prices and the reluctance of banks to lend. Regionally, the highest increase was found in Lower Austria (+20%), while a decline of 6% was…