"It's nice going to the post box now and not being inundated with arrears letters and letters of demand. It's been a big relief".This quote comes from a man who has recently contacted Debt Rescue for help with his financial situation. He like many others suffered in silence with his mounting debt until it became too much to bear.
By the time he contacted Debt Rescue his debt was so severe he qualified for a Debt Agreement. It is now four years on and his Debt Agreement is fully repaid and he is living free from debt.
While Debt Rescue is happy to offer solutions such as Debt Agreements, the company beleives nothing is more important than a proper financial education.
Whether you worship it, have it or couldn't care less about it, money is a crucial element in everyday life. We earn it, spend it, invest it, save it, lose it and donate it and if we aren't properly taught how to manage our finances we could end up in a lot of trouble.
If you are in the 70% of Australians who are feeling the pressure from financial stress the first thing you need to do is change your spending habbits:
- Look at your income compared with your expenses - are you living within your means?
- Keep track of everything you spend in a week - are you making unessesary purchases? Is there anything you can cut back on (such as magazines, cigarettes and cups of coffee)?
- How often are you using your credit card? - are you making repayments? If so is it more than the suggested minimum?
- Do you have a savings account? - how will you cope if you suddenly lose your job or face an unexpected expence?
- Plan a budget - it is the most essential tool you can use to get on top of your finances. Make sure you stick to it.
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