Help is available – see special weblinks below

Is Debt a Problem for You?

If you find your monthly outgoings and expenses are routinely exceeding your monthly income or if debt stress is making it difficult to cope with everyday life, these are all signs that debt has become a problem. You may be relying on access to credit so much that you always need more money than what you actually earn or receive on a weekly or regular basis.

This can happen to you whether you are using SACC’s, MACC’s, store cards, credit cards, or other types of personal loans, car loans, and home loans. Ideally, all debt repayments must be affordable from your regular income and still leave you with some uncommitted funds available each week.

Talk to Your Lender First

If you are experiencing debt-stress then talk to your lender immediately. There are changes that your lender can make to your loan such as reduced repayment amount, extending the length of time to pay, and/or possibly stopping the interest from calculating on your loan. The sooner you talk to your lender, the better the outcome will be for you.

Do you need help understanding or gaining access to your credit file/report?

The Government website called Credit Smart will give you an easy to understand overview of how credit files work and what can be given in a credit report about you.

If You Need Further Help

There are a number of organisations and community credit counselling services who can offer free, confidential advice that can help. There are also tools online to help you assess your budget and get tips on managing credit.

ONLINE TOOLS AND BUDGETING HELP

PDF Budget Calculator – Download PDF (648K)

Online Budget Calculator – www.commbank.com.au/Tools/budgetplannercalc.asp

Money Smart – Government online tools for caclualtion and budget planning – www.moneysmart.gov.au/tools-and-resources/calculators-and-apps/budget-planner