Credit card debt has become alarmingly high in Australia. The average credit card debt per Australian has now reached $3,277. Australians spent 22 billion on credit cards in December 2009 which was a 10% rise. This was a record spend on credit cards. Australians now have a record debt level of $46.9 billion on credit cards.
If you have a credit debt balance of more than the Australian average you should have a professional review of your finances. Remember if you only pay the minimum balance each month your credit card debt will be attracting a very high rate of interest. Most credit cards attract an interest rate of more than 18% p.a. The cost of interest on credit card debt can be significant for the average household budget.
If you allow your credit card debt or other debts (such as Personal Loan Debt, or Finance Arrears, or Store Card Debt) to mount up you may lose control of your personal finances and spiral into bankruptcy.
If your credit card is at its limit and you can’t meet the minimum monthly repayments then you will most likely have a credit card debt problem which needs to be solved. We can help you assess if you can get out of credit card debt. Usually we can get you out of debt by recommending an appropriate debt solution product to suit your needs. Each solution is different and the appropriate debt solution will depend on your individual circumstances. The typical debt solutions are:
The appropriate solution will depend upon your individual financial circumstances.
We will assess your financial situation using our Debt Advice Model with Income Contribution Calculator will calculate best Debt Repayment Plan and will recommend the most appropriate solution to meet your individual needs. We’ll discuss your situation in a strictly confidential and empathic manner. Our debt advice professionals will discuss your needs free of charge and our advice will be provided without any obligation.
Call Debt Free today Toll Free to see if we can help you solve your debt problems.
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