The Australian Financial Security Authority statistics, for the three months up to the end of September, were slightly down on the 38 people recorded in June.

Andrew Bowcher from the Wagga office of accounting firm RSM, is not surprised.

Mr Bowcher said there were varying financial challenges facing Wagga people and businesses.

"Interest rates are slowly starting to rise and that has an impact,” Mr Bowcher said.

“There is disruption occurring in a lot of businesses. It could be technology, like the internet, or it could be changing tastes and consumer preferences.

“The banks are tightening their credit policies and obtaining working capital is becoming a lot harder.

“We are also being advised by many small businesses that the red tape burden is forcing them to do more  with less and work a lot harder.

“We’re also seeing certain industries having more pressure placed on them.

“I’m not saving everyone in that industry is finding it difficult but we are seeing transport, retail and hospitality  feeling significant pressure.

“If you look at each of these industries and break it down, retail is finding the internet and changing consumer preferences having an impact. A lot of people are looking at the their budget a bit more and maybe spending a bit less, and that has a knock-on effect.”

Mr Bowcher said rising costs including superannuation contributions, insurance, transport and utilities at a time when sales were flat-lining or even dropping is having an effect.

“Hospitality is generally a discretionary industry. People are starting to be a little bit concerned about their family finances and accordingly may defer going out, or change their tastes about where they go,” he said.

“So, if you put all that in a mix, there’s not one driver, but multiple factors that are having an impact.

“One of the things we are seeing is a lot of individuals and businesses being proactive and making appointments to see us so we can assist them. We are definitely seeing that inquiries are way up.”