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Dealing with Debt

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Dealing with Debt

When you're in debt it can feel like you're very alone and you may be unwilling to talk to your friends about the level of debt you have. If you can't talk to friends or family and get advice on dealing with the debts you have then have a quick read of this:

People get into debt for lots of reasons. Not all reasons are under our control. We're not always to blame for the bad things which happen to us.

You may have personal reasons for debt problems. You may have been ill, lost your job, got divorced or your relationship has broken down.

Economic and Business reasons for debt. Your business may have failed due to the economic climate, investment problems, or you may have been the victim of fraud.

Poor financial management may have led you into debt. If you've been spending more than you earn, using credit cards, store cards then you might find yourself quickly in debt.

Dealing with the debt

Before you start dealing with the debt you should identify what caused the debt. If you have a credit card spending problem then you might find it useful to cut up your cards.

Stopping the debt getting any bigger is important!

Right, back to dealing with the debt:

Repay the debt quicker:

You can do this a couple of ways. But all involve putting more money into paying off the debt.
You could:

More wages - look for a part time job, increase your current hours, ask for overtime, look for casual work perhaps?
Reduce expenditure! Try and cut out unneccessary bills, ditch the monthly phone plan, cut back on the amount you use the phone, Cut down on extravagances in the food bill, don't go out as much (If at all), use the car less, give up the car, Budget. See Debtfactsheet for more ideas
Sell stuff- if you have something you could sell to raise money to clear your debt now is the time to consider! Clear out the junk and sell it!

Check your benefit entitlement

You may be missing out on benefits. Check!

Talk to your loan company

Ask if your repayments can be reduced.

Consolidate your debts

Take out a consolidation loan. What is a consolidation loan?

Find out about court instalment orders

Court's civil registry staff can help you with this information

Brankruptcy

The last resort. If things are impossible to sort out other ways. Bankruptcy is administered by the Insolvency Trustee Service Australia (ITSA), a Commonwealth Government agency. www.itsa.gov.au.

Remember the important thing is not to be afraid of asking for help!