As of December 2014, combined credit card and personal loan debt had reached a total of $101 billion according to the debt comparison web site, Finder.com.au. Current debt totals are at their highest since October 2011, with personal loan debts increasing 2.21 per cent from December 2013, and credit card debts growing .72 per cent over the same time frame. Australians are using more personal loans than credit cards, with $59.6 billion household personal loan debts compared to $41.8 billion credit card debts. With so much outstanding debt among Australians households, it is no surprise that some individuals are struggling to keep up with monthly payments.
Debts from credit cards and personal loans
Both credit card debt and personal loans can carry high interest rates, compounded each month on balances that go unpaid. When individuals use credit to finance everyday living expenses, budgeting for repayment over the long-term can become a challenge, especially for those on a tight budget each month. An even greater obstacle can come when there is a job loss or a large financial emergency that can’t be covered by savings. If you are one of the millions of Australians struggling to keep up with personal debt, it may be time to consider debt resolutions as a path to financial health.
Debt resolutions to lower debts
Debt resolutions offer individuals a way out of debt that does not carry the same harsh consequences of going bankrupt. Professional help is provided by certain companies like Clean Credit Debt Resolutions to help you negotiate with creditors in order to reduce your debts and ultimately settle them in an affordable manner. Debt resolutions are used to arrange the lowest possible repayment terms for debtors without the need for a new black mark on the credit file. This allows those struggling with high interest personal loans and credit card debts the ability to save thousands through total debt reduction and the ability to obtain new financing in the future if and when it is needed.
Clean Credit Debt Resolutions has worked with a number of debtors to help them resolve their struggles with high cost debt in a professional and meaningful way. Our friendly debt resolution experts are able to work directly with creditors to reduce the amount owed, saving you money on your repayment terms. Clean Credit Debt Resolutions is committed to helping individuals get out from under the burden of debt. If you are wondering how Clean Credit Debt Resolutions may be able to help you and your debt circumstances, contact us today.