It is important to explore what effective strategies and plans are out there to help you compromise with your creditors, in the aim to lower your repayments on debt.
There are a few steps you can take to try to reduce your debt:
- Reach out to your creditors and ask for a lower interest rate.
- Prioritise your monthly bills so you don’t fall behind.
- Prioritise debt in your weekly, fortnightly, and monthly budgets.
If you have tried these tactics, but still find yourself unable to make payments, you should considering reaching out for additional help; chances are your debt will continue to grow, if you do not reach out.
What’s the process?
This will require you to provide the consultant with the necessary comprehensive financial information so they can find out how best to help you. In this situation, you should be provided with all the information and obligations of a debt agreement, as well as the alternative options. Ultimately, they can only make suggestions; it will be your decision what path you choose to take.
The following resources can help you with debt reduction;
Credit Counsellors Australia 1300 003 328.
National Debt Helpline 1800 007 007.