It is hard to find a West Australian that has not been affected in some way by the mining downturn. With some families losing both jobs, some cutting down to just one income earner or taking a pay decrease – there are many ripple on effects which can cause financial stress.
However there are ways that you can lessen the burden and adapt to changing financial circumstances.
Life After Debt’s associate director, Natalie Levett, suggests rethinking your personal budget. You may be surprised where your money is going. Drawing up a budget will help you adjust both financially and emotionally to the change.
The next step is to negotiate with creditors. Avoiding calls will get you nowhere. If you discuss your change in financial circumstances, they can be extremely helpful in arranging new repayment plans.
Read the full article at Yahoo News.
