53

From payday lenders to financial counsellors, the list of services offering to get you out of debt is growing. However, some will actually put you in more debt before they help you. A Registered Debt Agreement Administrator does the opposite; they reduce debt though a Debt Agreement.

As of January 2018, there are 16,711,163 credit cards in circulation in Australia. The national debt owing on these cars totals more than $32 billion. Are you one of the 70% of Australians who own one or more credit cards? Do you have a plan to pay off credit card debt?

Financial factors are stopping more than half of Australians from achieving their life goals, according to research by Debt Rescue part of Lanyana Financial Group. As many as 53.2% of those surveyed responded with income and debt as being the main factor inhibiting their aspirations in life.

For a lot of people, debt agreements are a great way to avoid bankruptcy. However, this is not always the case. TV and radio is always pushing debt agreements as the perfect solution to debt problems. But in a lot of cases, a debt agreement won’t provide the financial fix they all promise.

Whether you’re an employee owed wages by a company in liquidation, or a supplier seeking payment from an outstanding debtor on the brink of external administration, if a company owes you money you’re a creditor of that company.