With unemployment figures set to rise and a slowing economy, many Australians may find themselves having problems repaying debt. A recent Dun & Bradstreet survey revealed many people expect to increase their debt amounts by using credit cards and other forms of credit, with credit highest amongst the 18-34 age group. A drop in property prices, job losses and dwindling investments are all contributors to a rise in personal debt.
If you’ve recently become one of the many Australians struggling with debt, its important to know what your options are. If your struggling with credit card debt, the best solution for you may be debt consolidation or loan refinancing. This brings all your debt repayments under one regular payment, making it much easier for you to manage. You may even find that you can lower your interest rate or monthly payments.