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SOMETIMES,
NO MATTER HOW HARD WE TRY, WE MIGHT FIND OURSELVES IN
A SITUATION WHERE WE JUST CAN'T MAKE ENDS MEET. MAYBE
YOU OR YOUR PARTNER HAS BECOME UNEMPLOYED, OR MAYBE YOU'VE
FALLEN ILL. PERHAPS YOU'VE TAKEN ON A LOAN WITHOUT REALISING
HOW MUCH INTEREST YOU WOULD BE PAYING, AND NOW YOU FIND
YOU CAN'T AFFORD TO REPAY IT. WHATEVER THE REASON, IF
YOU'RE FEELING LIKE YOUR DEBTS ARE GETTING ON TOP OF YOU,
IT'S IMPORTANT TO REALISE THAT YOU DON'T HAVE TO HANDLE
IT ON YOUR OWN.
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|
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EARLY
WARNING SIGNS
No-one
ever intends to take on a debt they can't afford to repay, but debt
can sneak up on us. The sooner you are aware of the problem, the sooner
you can act and avoid the serious financial and emotional consequences
that can result from a severe debt situation. Early warning signs
can often indicate that your credit situation may be getting beyond
your control. Such signs include:
| - |
ignoring
a bill, or skipping a payment and hoping you can make it up
next time |
| - |
accepting
offers to increase the limit on your credit card, without considering
your financial position |
| - |
having
more than one credit card but still finding you don't have enough
credit available to cover all your purchases |
| - |
getting
a new credit card to pay off another credit card |
| - |
getting
to Christmas this year when you're still trying to pay off Christmas
from last year |
| - |
only
ever paying the minimum payment on your monthly credit card
bill |
| - |
having
no money left over after your debt repayments to pay for necessary
items like food, clothes, items for the children and medical
bills |
| - |
having
a credit application refused by a bank or other mainstream credit
provider |
|
WHAT
TO DO WHEN DIFFICULTIES ARISE
If you're having trouble repaying
a debt, the most important step is to contact your credit providers
and let them know that you have a problem, and that you want to sort
it out. If lenders are notified sooner, rather than later, where possible,
they will be in a better position to work with you to arrange a solution.
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FINANCIAL
COUNSELLORS
Contacting your credit provider
is the first step - working on a solution for your debt problem is
the next. And that's where financial counsellors can help. Free financial
counselling services are available in every state and territory in
Australia. Every year financial counsellors provide assistance to
thousands of people who are experiencing difficulty with their finances
- whether it's by creating a budget they can work to, or coming up
with plans to help them see their way clear of heavy debt burdens.
|
CENTRELINK'S
FINANCIAL INFORMATION SERVICE
Centrelink's Financial Information Service
is an education and information seminar program that's available
to everyone.
The program can help you to make more informed financial decisions
for your current and future needs. It can also help you understand
the possible short, medium and long-term consequences of your
financial decisions.
Contact Centrelink to book a place at a seminar near you.
Phone 13 63 57, or visit Centrelink's website to find out
more: www.centrelink.gov.au
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Working
closely with you, a financial counsellor can:
| - |
help
you organise your financial information |
| - |
design
a personal budget |
| - |
suggest
ways to change and improve your financial situation |
| - |
see
whether you're eligible for government assistance |
| - |
negotiate
with your lenders to see if you can come up with a more manageable
repayment plan |
| - |
explain
debt recovery procedures, bankruptcy and other alternatives |
| - |
refer
you to other services if you need them, such as family support
services, gambling counselling services, personal counselling
or community legal aid |
Refer
to the table below to find a financial counsellor in your area.
|
FINDING
A FINANCIAL COUNSELLOR
Use the following contacts to find a free service in your region:
| Australian
Capital Territory |
|
Care
Financial Counselling Service
(02) 6257 1788 |
|
|
|
Credit
Helpline
1800 808 488 |
|
|
|
Anglicare
Northern Territory Financial
(08) 8985 0000 |
|
|
|
Credit
Help Line
1800 808 488 |
Lifeline
Creditline
131 114 |
|
|
|
Uniting
Care Wesley Adelaide
(08) 8202 5180 |
Northern
Community Legal Service
(08) 8281 6911 |
Dept
of Family & Community Services
(08) 8226 7000 |
|
|
|
Anglicare
Financial Counselling Service
(03) 6234 3510 |
Consumer
Credit Solicitor at Hobart Community Legal Service
(03) 6223 2500 |
|
|
|
Financial
and Consumer Rights Council
(03) 9663 2000 |
| Credit
Helpline (03) 9602 3800 |
|
|
|
Consumer
Credit Legal Service
(08) 9221 7066 |
Financial
Counsellors' Assoc of WA
(08) 9325 1617 |
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