With Australia now sitting at an all-time household debt high of over $1 trillion, it’s no surprise that the FCA (Financial Counselling Australia) headlined mortgage stress as a top contributor to Australia’s “debt hangover”.
The CEO of FCA went on to express that 30% of Australian households are facing some sort of financial stress with 20% that are “really struggling” to keep their head above water.
Household debt paired with rising interest and unemployment rates could be devastating to both individuals and families if pre-caution and control is not placed on finances. Thus, it’s already no surprise that the National Debt Helpline says that “14,000 callers were unable to speak to a counsellor in January 2017 because of a lack of staff”.
If you’re going through a ‘debt hangover yourself’, here are some tips:
Seek Professional Help – If you’re struggling with household or mortgage debt don’t be shy to seek professional help. Debt Fix is one the most reliable debt relief providers in Australia. Our experience in helping countless Australian households allow us to come up with tailored plans for each individual case, which results in people regaining the financial control in their life. Should you need any help, please don't hesitate to contact our specialists on 1300 332 834.