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.
Key Points to remember
- 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.
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