Debt is a problem around the world. The Global Financial Crisis had a very large impact on many countries. While Australia seemed to fair quite well through the financial storm, its citizens could tell you a different story. Nearly 70% of people in Australia have admitted to feeling pressure and financial strain. If you are struggling to keep up with your finances, you are not alone.
What does it mean to be in debt?
To be in debt is to owe money. You could owe money to a company for a service, you could have borrowed money from a bank or could have a line of credit. Being in debt doesn’t have to be a problem, in fact as long as you keep up with your repayments and bills, it won’t effect you.
It is when you start to fall behind on your repayments and bills when debt becomes a problem. A number of things can effect your ability to make your repayments. Your financial circumstances could have changed through loss of job or injury. You could have over committed your finances. Even a relationship break-up can effect your income and ability to pay off debt.
Bad debt doesn’t discriminate
You don’t have to be on a low income to experience financial stress. Having bad debt isn’t about not having any money, it’s about not managing the money you have correctly. People who earn over $100,000 a year can still fall into bad debt and require assistance to get their finances back on track. If you fall into debt there are a number of things you can do to get back out. The first thing you should do is ask for help.
If you are in debt, we can help you.
Debt Rescue offers a range of positive solutions to people in bad debt. From budgeting advice to Debt Agreements and even bankruptcy. If you are struggling to get back on financial track contact Debt Rescue today and Talk to an Aussie Who Cares.