debt trap

5 Warning Signs of Out-of-Control Debts

The first sign of a financial problem is denial that you need to ask for debt help.

A person is most likely to ask for help upon reaching the rock bottom when the only logical way out is bankruptcy. Before you sink deeper into debt, here are some questions you can ask yourself to know if […]

By |March 20th, 2017|Categories: Debt Management|Tags: , , , , , , |Comments Off on 5 Warning Signs of Out-of-Control Debts

Debt is a Powerful Trap

Debt is one of the most hazardous forces to confront in the world of personal finance. It has destroyed many people’s lives in the past couple of years along with the global financial crisis, interest rate hikes and unemployment rates higher than ever.
Government statistics show that total insolvency activity in Australia rose 11% (36,479 cases) last financial year. Most of these were bankruptcies and 86% of bankruptcies were non-business related, therefore they were for personal reasons.

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By |May 23rd, 2011|Categories: Debt Management|Tags: , , , |Comments Off on Debt is a Powerful Trap

Avoid the Debt Trap

It’s not out of the norm to hear that 2009 was a hard year financially for many people and businesses – but now that the credit card bills have began to roll in from the holiday season, it‘s very apparent just how much debt people dug themselves into last year.
Over drinks the other night I noticed a friend – who usually pays cash for everything – was using a credit card to pay for her cocktail, I was taken aback and asked her why; she replied “after my pay cut last year and interest rate hikes on my mortgage, I have chewed through my savings and now I mostly use credit”. She then went on to explain that as of October last year she has been making her monthly mortgage repayments on her credit card, as she has been using her weekly income to pay for other bills, everyday spending and her minimum monthly card repayments. Quite simply put, her repayments are approximately $2,200 a month, so she is already $11,000 further in debt – and that isn’t even taking into consideration the credit card interest she is accruing.
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By |May 20th, 2011|Categories: Debt Management|Tags: , , |Comments Off on Avoid the Debt Trap