Putting all of your debts into one loan is called a consolidation loan, and it can be a manageable and affordable way for you to get your finances back under control. Taking out a personal loan is one of the most straightforward ways to consolidate debts. Debt consolidation loans often have lower interest rates than credit cards, store cards and other lending schemes, meaning you could pay off your debts sooner.
Most likely the interest rate on a home loan could be a lot lower than the rate you’re paying on other types of debt, so refinancing your mortgage to pay out your unsecured debts could also be a wise decision. If you want to further reduce your monthly commitments, you may be able to elongate the time you have to pay off the loan compared to some of your current debts.
There are many other advantages of consolidated loans that could potentially save you money in the long run. Debt consolidation loans provide you with a set repayment plan that helps you organise your debt. This plan allows you to have only one single repayment, making it easier for you to manage your money and putting an end to late payment fees. If you are considering a debt consolidation loan for your debts, feel free to call one of our personal debt advisors on 1800 462 767 to discuss if a debt consolidation loan is right for you.

At Debt Free Australia, we are all too aware that personal debt problems can start early in life. A huge issue currently affecting Australia is student debt. Student debts are not only causing problems for students, but also greatly affecting the federal government. A recent report found that unpaid student loans from 2014 will end up costing the federal government $1.1 billion.
Accumulating a large debt early in life has the ability to ruin an individual’s future. Students not only incur HECS and FEE-HELP debts that will need to be repaid when they join the workforce, but many are also forced to take out loans during the course of their studies to help pay for living and tuition expenses. Debt Free Australia is here to offer people who are struggling with paying their student loans the best possible advice. We can help these individuals find solutions for their debt problems, and guide them through paying off their debt.
Debt education can be a huge step towards minimising student loan debt. Debt Free Australia believes that every individual, of every age, should be educated about the causes and consequences of over-indebtedness, and the possible solutions for fixing their financial problems.
If you would like more information about student loans, feel free to call one of our personal debt advisors on 1800 462 767.
 

When your finances are running low and your stress levels are higher than ever before, it can be difficult to know which is the best path to take. Individuals often fail to understand the options available for them to achieve better outcomes, such as a Personal Insolvency Agreement, and so they may file for bankruptcy prematurely.
A Personal Insolvency Agreement is a legal alternative to bankruptcy, involving the establishment of a formal agreement between a debtor and their creditors. With the objective of the agreement being to achieve the best outcomes for both parties, a settlement may be reached in which the debtor will pay an amount that may be less than what is owed, but more than what would be paid if they were to go bankrupt.
A significant advantage of a Personal Insolvency Agreement is that it does not involve the disposal of your assets, such as your home, whereas this may occur is one went bankrupt. Furthermore, a Personal Insolvency Agreement, unlike bankruptcy, will allow you to continue to travel overseas while insolvency procedures are still being performed, which is an advantage for those whose jobs require them to travel.
Another thing to consider is that, whilst both a Personal Insolvency Agreement and bankruptcy will place a mark on your credit file (for a period of five and seven years respectively), the restrictions of sourcing finance after having completed a Personal Insolvency Agreement will not be as strict as they would be with a bankruptcy record on one’s file.
Therefore, when facing financial difficulties, individuals should first consider the option of a Personal Insolvency Agreement. This option allows them to  repay a portion of their debts and so avoid many of the harsh restrictions associated with bankruptcy.
To know if a Personal Insolvency Agreement is right for you, consult with a fully licensed expert who can properly assist you and provide a solution. At Debt Free Australia we can help you with any type of insolvency service, every step of the way, and will carefully explain the differences between your available options to help you make a more informed decision about your financial future. We also offer a free debt assessment.
For impartial and obligation-free advice, or to find out more about the services available at Debt Free Australia, contact 1800 462 767.
 

For many Australians, understanding the reality of their financial situation and knowing if they need professional help is not easy. With bills piling up, it’s easy to miss payments and become lost in growing debts. Many Australians are worried about their financial situation but think that they can solve it themselves, often ‘burying their heads in the sand’.
Avoiding the problem is the fastest way to bankruptcy and insolvency, therefore Debt Free Australia has created a free online debt assessment  tool to help Australians in any financial situation.
You can now easily fill in an online form that will assess your personal situation and work out if you need help from debt experts in just four easy steps.
The free online debt assessment tool will collect details about your personal debt, income and expenses, owned and leased assets and provide advice on whether a formal debt solution is necessary. Having that peace of mind is priceless, and Debt Free Australia wants to make it as easy as possible for all Australians.
Free and confidential advice from debt consultants is available 24/7 over the phone and via email. Free and informative expert videos are available to watch and download from the Debt Free Australia website. The process can be anonymous and without obligation. Thousands of Australians have turned to Debt Free Australia for advice on how to live a life free of debt.
 
If you prefer to call us please call now on our toll free advice line on 1800 462 767.
 

If you have noticed that you are beginning to fall behind in your creditor repayments, and your finances are starting to dwindle, you need to seek some debt free solutions before your situation gets any worse. Managing your budget and finances is not always easy, and if you do find yourself in financial trouble, there are many solutions available to help you free yourself of debt.
As soon as it becomes apparent to you that you can’t make all of your debt repayments, you should contact your creditors straight away to discuss a payment plan to help you get debt free as soon as possible. When discussing the plan, you must be realistic about what you are able to afford, so be sure to take in to account all of your living costs, so you don’t fall further into debt.
Creditors can offer you a range of debt free solutions, and will often agree to an extended period for repayment, or may settle the whole debt on a lump sum payment of only part of the debt, which will help you to be free of debt within a shorter time frame. The plan is about getting debt free, so it is important you are able to make the agreed repayments when they are due so as to not make the situation worse.
Credit card debt can add up before you realise, and the interest you are paying on the debt will only make it harder for you to get out of debt. It is important when considering your debt free solutions that you look at the minimum monthly payments on your cards. The minimum payments are usually never enough to reduce the amount of the debt that you are paying interest on, so wherever possible, try to make extra payments to your credit cards.
It is very easy to fall in to debt and often hard to recognise, so it is important that you act quickly when you do realise you are behind in payments. Consider your debt free solutions straight away to save yourself money on interest in the long term. For information on a range of solutions to help you get debt free, call us today on 1800 462 767.
We operate a 24 hour / 7 days a week advice line and calls to our hotline are confidential and if required, anonymous.
 

Barclays’ chief economist and former treasury economist Kieran Davies has announced that Australian ratio of household debt has hit a record 177 per cent of annual disposable income, while housing valuations are on the rise.
House prices now equate to 4.3 times annual income and 28 times annual rent, both in close proximity to their all time highs.
Australian house prices leapt almost 11 per cent in 12 months (to 31 March 2014) to record levels in absolute terms, with capital gains of 15 per cent experienced in the nation’s largest city, Sydney.
While this is great news for homeowners that have paid off their mortgage, many Australian’s feel that they are neck deep in financial trouble in paying off their dream home. Managing debt and household income is a fine balance, with some finding it hard to keep debt in the all-clear zone.
However, you do not need to worry that you are at the end of your rope yet,  – fine-tuning and amending your Debt Agreement  is always a possibility, as are a range of other options recommended by your Debt Agreement Administrator. Affordable living could be on the horizon for you.
For information on a range of solutions to help you get debt free, call us today on 1800 462 767.
We operate a 24 hour / 7 days a week advice line and calls to our hotline are confidential and if required, anonymous.