Debt Solutions For You

2 Feb 2015 by Debt Free Pty Ltd in Welcome

Get Debt Free has a proven track record in helping Australians to free themselves of debt. Get Debt Free offers many debt solutions to help end your personal debt problems. These are our top five quick and manageable debt solutions to help you avoid bankruptcy:

  1. Know Who And How Much You Owe

The most simple debt management method that we recommend is to keep track of your debts – you would be surprised at the number of people who call us and could not say how much they owe. At Get Debt Free, we suggest that you make a list of your debts, including the creditor, the total amount of the debt, monthly repayment and due date. Refer to this list periodically and update it as required to ensure that you are on top of your debts.

  1. Pay Your Bills On Time Each Month

Here at Get Debt Free, we understand how hard it can be to keep on top of your bills. The most effective debt management solution is to prioritise your bills and pay them as they fall due, as late payments accumulate additional late fees. If you miss multiple and consecutive payments, interest rates and late charges will increase, causing your debt to spiral out of control. By referring to the list of debts you created in Step 1, you can keep on top of your bills and ensure they don’t become overdue.

  1. Decide Which Debts To Pay Off First

Get Debt Free suggests that priority repayments should include your credit card debts, as they tend to have the highest interest rates. You should also prioritise your debts in order of due dates so that you will not drown in increased interest.

  1. Create An Emergency Account To Fall Back On

Without access to any savings, your debt will quickly accumulate as you fall back on credit facilities when emergencies arise. Repaying these costs will inevitably extend over longer periods, which will serve to increase the interest that you accrue. Work towards creating an account with $1,000 available for emergencies, and as you find yourself with extra cash left over after paying off expenses, use these funds to increase this emergency account. Eventually, you want to build up a six-month reserve for living expenses so that if you find yourself in a bad financial situation, you have a backup.

  1. Recognise The Signs That Suggest You Need Help

If you constantly find it hard to pay off your personal debts and bills each month, we suggest you contact the professionals at Get Debt Free for expert debt solutions and advice. Our trained professionals will help you to get back on your feet and provide formal options to help you turn your financial state around for the better. With thousands of Australians looking for debt solutions each year, there is no need to feel ashamed if you find yourself in a negative financial situation.

For free debt advice call us today on 1800 98 10 70.