Many people in Australia are currently facing financial hardship due to various natural disasters, housing affordability crisis and rising interest rates.
If you are currently experiencing financial difficulties, you can get help in several ways:
- Speak to a financial adviser – call the National Debt Helpline to discuss your options with a free financial adviser.
- Contact your bank – your bank can review your personal situation and help you develop a plan.
- Contact your insurance provider – they will have a range of options to help you.
- Emotional support – if your financial situation is impacting your mental health, you can contact Beyond Blue on 1300 22 46 36.
- Free legal advice – if you need legal help because of your financial situation, free advice is available from community legal centers and legal aid offices in every state and territory.
There is a “way forward” when it comes to debt
Way Forward is an Australian debt solutions charity that provides free debt advice and financial support to help people struggling with debt.
Way Forward continues to grow its membership base – since January 2021 the organization has welcomed eight new members, most recently Credit Corp, Australia’s largest debt buyer and collector.
Way Forward currently has 15 members, including Commonwealth Bank, ANZ Bank, HSBC and ING.
Way Forward’s Head of Communications, Laura Menninan, says: “Way Forward expects the need for its free service to increase in 2022. Having industry support is critically important to ensure the service is well equipped to help more Australians end the cycle. problematic debt.
Another approach – consolidation loans
Getting a consolidation loan can be a way to help you recover from financial difficulties.
A consolidation loan is a loan that combines your high interest loans and even credit card payments into one lower repayment loan – meaning you have one bill to pay each month instead of several. .
It is a type of debt relief because you still pay what you owe, but at a reduced rate. If you’re consolidating a high-interest credit card or even a personal loan, it’s likely that with a debt consolidation loan, you’ll get a lower interest rate.
If you want to consider a consolidation loan, we have a guide that will answer all your additional questions.
* DISCLAIMER: The Comparison Rate combines the lender’s interest rate, fees and charges into one rate to show the true cost of a personal loan. The comparative rates displayed are calculated on the basis of a loan of $30,000 with a term of 5 years or a loan of $10,000 with a term of 3 years as indicated, on the basis of repayments monthly principal and interest payments, on a secured basis for secured and unsecured loans. basis for unsecured loans. This comparison rate applies only to the example or examples given. Different amounts and durations will result in different comparison rates. Costs such as withdrawal fees or prepayment fees, and cost savings such as fee waivers, are not included in the comparison rate but may affect the cost of the loan.
^ See Mozo Experts Choice Personal Loan Awards information
Mozo provides general product information. We do not take into account your personal goals, financial situation or needs and we do not recommend any particular product. You must make your own decision after reading the PDS or offering literature, or after seeking independent advice.
Although we pride ourselves on covering a wide range of products, we do not cover every product on the market. If you choose to request a product through our website, you will be dealing directly with the supplier of that product and not with Mozo.