Referring to statistics released by the federal government body Hall Chadwick said that some consumers were struggling to manage burgeoning levels of debt.

According to ITSA, there has been a 23.39 per cent increase in bankruptcies in NSW for the year to June 30, with the figure of 9248 the largest on record since monitoring began in 1986.

Queensland recorded the second highest number at 5751, up 6.94 per cent, followed by Victoria on 5700, up 13.68 per cent.

Only one state, Western Australia, recorded a fall in the annual number of bankruptcies, down 1.42 per cent to 1392.

Australia-wide, the number of bankruptcies was up 13.2 per cent to 25,242.

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