HOW TO OVERCOME FINANCIAL HARDSHIP AND WHO CAN HELP
Many people in Australia are currently facing financial hardship due to various natural disasters, the housing affordability crisis and rising interest rates. If you are currently suffering from financial hardship.
there are multiple ways you can get help:
- Speak to a financial counsellor – call the National Debt Hotline to talk about your options with a free financial counsellor.
- Contact your bank – your bank can look at your individual circumstances and help you work out 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 centres and Legal Aid offices in each state and territory.
There is a “Way Forward” when it comes to debt
Way Forward is an Australian debt solutions charity who provide free debt advice and financial support to help those struggling with debt.
Way Forward is continually growing their member base – since January 2021, the organisation 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 communications manager, Laura Menninan says, “Way Forward expects a rise in the need for its free service in 2022. Having the backing of the industry is of critical importance to ensuring the service is well-equipped to help more Australians end the cycle of problem 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 rate loans and even credit card repayments into one loan at a lower repayment – meaning that you have one bill to pay each month instead of many.
It’s a type of debt relief because you are still paying off what you owe, but at a reduced rate. If you are consolidating a high interest credit card or even personal loan, chances are that with a debt consolidation loan, you’ll receive a lower interest rate.
If you’d like to consider a consolidation loan, we have a guide that will answer all of your additional questions.