Newspaper article Daily Examiner (Grafton, Australia)

Take Careful Steps If You Are Struggling with Debt

Newspaper article Daily Examiner (Grafton, Australia)

Take Careful Steps If You Are Struggling with Debt

Article excerpt

MAKING MONEY

PAUL CLITHEROE

OVER the past 30 years household debt in Australia has skyrocketed, and it's seeing more people turn to "debt repair" services.

According to a study by AMP/NATSEM, average household debt has soared from about $60,000 in the late 1980s to about $250,000.

For many people, a good chunk of household debt is taken up by their home loan. If you can manage the repayments, that's not a problem - your home will grow in value as the debt is gradually paid off.

However high-interest debts and regular bills can quickly mount up, and when that happens it can be tempting to grasp at what appears to be a quick-fix solution. That's exactly what debt repair firms can seem to provide.

These firms offer to help consumers facing financial hardship or who want to clear a history of debt defaults from their credit record. You may come across claims that these firms can "clean", "fix", or "wash away" default listings. Others offer to negotiate with creditors and debt collectors. …

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