Defaults rise 29 per cent in a year

Veda Advantage, operator of the largest consumer credit bureau, said in a media release on Friday that defaults - defined as bills not paid for 60 days - increased by 29 per cent during the 2007 financial year.

Veda said 12 per cent of its 14.5 million credit files listed defaults or personal bankruptcies, for about 1.8 million people.

On a regional basis, defaults increased 59 per cent in Tasmania, by 49 per cent in Northern Territory, 44 per cent in Western Australia, 41 per cent in Queensland, 40 per cent in NSW, 35 per cent in South Australia, also 35 per cent in the ACT and by a much lower 10 per cent in Victoria.