Catherine was left with over $30 000 in debt after she separated from her husband. There was no way that she could repay the debt on her income alone, especially that she was now caring for two children as a sole parent and her partner refused to pay child support. She was turned down for a debt consolidation loan and her debt had been passed on to a debt collector who demanded an upfront payment of $6000 (money she simply did not have) and hefty ongoing repayments that she would never be able to afford. On a net income of $640 per week, Catherine wondered how she would ever find the money to repay her debt and still support her family.
We analysed Catherine’s situation and after exploring a few options, she decided a bankruptcy would be the best way out of debt for her. She soon realised that she would be able to keep her car and other possessions and that her income would be protected from her creditors. More importantly she felt a great sense of relief as she was finally freed from a debt that she would never be able to repay. Catherine now has more money each week to spend on her herself and her family and has begun saving for her first home.
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i think credit card made too many people very sick and stress,because spending or buying something is easy. when paying back very hard when we are out of work or sickness.
debts never pay it off, i believe that because every creditor or debt coolector also cheating about interest rate monthly. especially, when you lately repayment, they charged double interest rate and panalty too. that why we alway never pay it off. it is truth. on other hand got alot of profits every year of Australian bank. i think bank alway cheating the poor people, they can not the rich people.