Did you just hit the brick wall? Have you run out of money and have no available credit and everything seems maxed out? Well, you’re not alone!
There are many people here in Western Australia who are suffering from debt. They have no easy way to increase your income, and there are still bills due this month. Their cable has been disconnected, and the power is next. They’re out of money and you’ve got bills to pay.
What is a debt crisis? It’s a situation when you, your business, or your country owes more than you can pay off in loans. However, a country has a major advantage over you – it can print its money. However, the best way for you to get out of debt is to sometimes to focus on the past. To look back and note what mistakes you made and the decisions that led you here. But now is not the time to contemplate the past. Now is the time for action!
Nobody likes to be buried in debt – all the mad creditors, the phone calls, and the utility company you need to take notice of what you have are all such a pain. This is truly a desperate situation and you need cash to solve this. In some cases, you need to sell what you currently have in order to pay for your debt. It won’t be pretty and it will likely be painful, but desperate times calls for desperate measures.
In addition, you also need to evaluate exactly who you owe money to, and how much you owe them. We’ll need this information later in your recovery. Once you’ve done this, the next step is to protect your income. Keep in mind that you should not allow your monthly bills, including your credit card, exceed your income.
For more on this topic, check out this blog post: https://www.moneysmart.gov.au/managing-your-money/managing-debts/trouble-with-debt