The Banking Royal Commission has revealed a series of scandals from the Big 4 Banks. Craig Meller, AMP’s Chief Executive Officer, has resigned from his position with immediate effect. Known for making money through credit card interest and fees, banks are now under the microscope.
With more than 15 million cards in Australia, Aussies have racked up an impressive $50 billion credit card debt. The average balance owing on each card is $3,333. If you own one or more credit cards, you would know all too well the long term commitment you will need to make to pay that debt down.
At Debt Rescue, we speak to hundreds of Aussies each week who are struggling with their finances. We pride ourselves in providing holistic and suitable debt relief to people struggling with their debts.
Australia has been ranked as a country with one of the highest costs of living in the world. While Australia is a fantastic place to live, over 2 million residents are living below the poverty line prompting a call for more free financial assistance in Victoria.
In a recent analysis of Debt Rescue data, we have identified there has been a 271% increase in clients entering new Debt Agreements, who have accumulated an Afterpay debt over the last 6 months compared to be previous 6 months.
While money might make the world go around, it remains on the big three conversation categories to avoid at a dinner party. It is also one of the biggest causes for marital and relationship breakdowns.
So you’ve wound up in debt and you can’t understand why? There are a number of common reasons for debt in Australia. It can happen to anyone and often, all it takes is one event to knock you off financial track.
Money management is hard at the best of times. So when something goes wrong, such as losing your job, it doesn’t take much for financial disaster to strike. You can have plans in place to help in situations like this, such as an emergency savings account and income protection insurance.
Is your credit card debt out of control? Are you in over your head with missed repayments, high interest and mounting fees? It sounds like you have fallen into the credit card debt trap!
Having a default listed on your credit file can be scary. Often it isn’t until our credit score is in jeopardy until we take notice of its importance.