While it is tempting to take on more debt, the best strategy is to avoid:
• Taking on a payday loan;
• Increasing the limit on your credit card;
• Getting a rent-to-buy deal;
• Going bankrupt, as it has serious consequences.
Instead, talk to a professional financial counsellor who is trained to clearly explain your options. Financial counselling is free, confidential and independent.
Call the National Debt Helpline, a not-for-profit service, on 1800 007 007 between 9.30am and 4.30pm, from Monday to Friday, or visit ndh.org.au.
Consider a no- or low-interest loan. See nils.com.au to find out more.
No-interest loans are typically for household appliances, medical emergencies, repairs, funerals, relocation, pet bills, computers, beds and much more. But they can’t be used for rent, general expenses or debt repayment.…