How to handle pandemic debt

A year into the COVID-19 pandemic, many Australians are trapped in a vicious cycle of increasing debts while relying on multiple personal loans to cover their household bills and living costs.

Source: Getty Images/10, 000 Hours

Highlights

• Keeping the communication channels open with your financial institution is the best way towards alienating your debt.
• Prioritise repaying debts tied to your assets and the ones with the highest interest rate.
• Around 850 financial counsellors nationwide offer free, confidential and legal support and their help is available in languages other than English.

If your debt is getting out of control, free and confidential financial counselling services can help you assess your situation and provide you with a manageable repayment plan.

 

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