Here’s three key tips on how to deal with your debt before it’s too late:

1. The B Word

Budget! Yes, we know you’ve heard it all before, but having a budget and sticking to it really is the key to staying debt free and not entering into default. Budgeting can mean anything from making sure you only spend a certain amount on food or groceries per week, to creating a spreadsheet or using an application on your phone or computer to keep track of your or your family’s spending habits. A budget planner can be extremely handy to get started, and to wrap your head around how much you really are spending.

2. Keep track of your debts

It may sound simple, but this can often be the most difficult aspect of keeping out of debt. Credit card payments, mortgage payments, rent, household bills, business loans, personal loans – the list goes on! It can be hard to keep up with what needs to be paid when, how to correlate your payments with payday, who is in charge of which payments, and how on earth to deal with those mountains of paper work! Keeping a spreadsheet or list of when debts are due can make things simpler, and should ensure that you make payments prior to their due dates. If you are having trouble with making payments, why not look at refinancing options like debt consolidation or loan refinancing to put all your debts into one payment?

3. Ask for help

It’s often difficult to ask for help, particularly for something like personal finance or potential debt default. But there’s absolutely no shame in doing so, particularly if it is going to help you financially in the long run. Why not contact a financial advisor to help out with consolidating your debt, working out a budgeting schedule, or simply giving you some advice on how to stay out of debt? Financial advisors are fully qualified to assist you in getting out, and staying out of debt, and often have years of experience behind them.

Everybody’s situation is different; some simply may need  a push to get on their way, others may  need assistance understanding financial documents, and some may need ongoing weekly or monthly support from a financial advisor to ensure they are staying on track with budgeting and making regular payments. Having somebody else with you along the way can be a huge relief; when you, or you and your partner are handling debt or money problems on your own, it can be extremely difficult to see the solution, or the light at the end of the tunnel.

So why not seek help with your debts, and get on the way to consolidating them? Financial advisors can help with everything from small debts that have gotten a little out of hand, to major mortgages or loans that aren’t repayable. There is a myriad of options available to ensure that you become debt free. Financial advisors are confidential, experienced, and practical – and best of all, they are working with you. They are able to tailor their expertise to your circumstances and assist in deciding on the best option in consolidating your debts, and getting your finances back on track.

Debt solution can be difficult to come by, particularly when you are receiving bills for credit cards all the time, but there is financial advice for all situations and levels of debt. Contact Australian Financial Solutions today on 1300 237 669 or email info@austfinsolutions.com.au

The WA Chamber of Commerce and Industry and Curtin Business School recently released a report stating that some people didn’t expect their debts to rise in the next 12 months. The report also showed just over 20 per cent of people said their debts had risen in the past year. Debts are often a mounting problem for many Australians and can cause serious stress and strain on relationships and family.

Loan consolidation is one of the most effective ways of reducing your credit card debt by lowering interest rates or monthly repayments. By combining all your current credit card loans in to one easy to manage and simple repayment, your debts could soon be a thing of the past. Australian Financial Solutions specialise in loan consolidation and debt solutions and can help you get out of the financial stress and strain of having debts. You can always contact us for more information about loan consolidation or have a confidential chat to one of our finance advisors.

Debt solution can be difficult to come by, particularly when you are receiving bills for credit cards all the time, but there is financial advice for all situations and levels of debt. Contact Australian Financial Solutions today on 1300 237 669 or email info@austfinsolutions.com.au

The cultural and societal expectations to provide gifts and expensive food during the holidays are often put on credit cards which can lead many Australians to debt and high interest rates. Coles recorded 2011 as the best ever year of Christmas sales with a 7.3 per cent increase in sales compared to Woolworths. The $17.5 billion profit increase is good news for the retail giant but it can mean a large post-Christmas debt for many Australians.

One of the best ways to avoid spending money on interest rates is to consolidate all your loans and credit cards. Australian Financial Solutions can provide you with financial advice regarding the best options for loan consolidation.

Debt consolidation is a way of combining all your debts into one payment. One of the major ways to save using loan consolidation is by obtaining a lower interest rate for all your loans or lower monthly repayments. This is a great debt solution and can help you get an overview of your debts and repayments.

For more information about loan consolidation or for general financial advice, contact Australian Financial Solutions on 1300 237 669 or email info@austfinsolutions.com.au

If you’ve recently become one of the many Australians struggling with debt, its important to know what your options are.  If your struggling with credit card debt, the best solution for you may be debt consolidation or loan refinancing.  This brings all your debt repayments under one regular payment, making it much easier for you to manage.  You may even find that you can lower your interest rate or monthly payments.

The majority of people are in some type of debt, whether it be owing money on a mortgage, not being able to pay bills, having credit card debt, or simply not being able to pay your phone bill. There are a number of simple solutions to help you battle debt, whether you need a lot of money or a little just to scrape by. We have outlined some of the possible solutions and tools to help you along the way below:

Informal Arrangement

This type of agreement is best for those with short-term or one-off debt problems. Maybe you are finding it difficult to make a repayment or pay off a bill due to other financial constraints. This arrangement is informal, meaning you make an agreement with your creditors that isn’t contracted – simply a spoken agreement that they will hold off on collecting your payment until a specified date, or you will make a smaller repayment.

Debt Agreement

This is the formal version of the above – a written, contracted agreement with your creditors to pay your debt off in a different way than initially contracted. This usually means paying off a debt over a longer period than before, and all interest is stopped. There are a number of criteria to be met if you wish to enter into a debt agreement – take a look here for more information. If you do choose to go down a debt agreement path, whether it be formal or informal, we recommend using budget tools and carefully monitoring what you and your household spends money on every month.

Loan Refinancing and Debt Consolidation

This is for those who are in a little more financial trouble than just needed a spoken informal arrangement. Loan refinancing is just as it sounds – acquiring a new loan to replace your existing one, with different conditions and payment details. This could be a home mortgage, personal loan, or other loan. Debt consolidation equates to bundling all your debts together so that you only have one payment to make each month or payment period. We recommend this, as it is much easier to keep track of what you owe and what you have paid, plus can also lead to lower interest rates and repayments.

Personal Insolvency Agreement

A person will enter into a Personal Insolvency Agreement, also known as a Part X, after they have attempted to use an informal or formal debt agreement. There are a number of different versions of a Personal Insolvency Agreement, and it does all depend on your creditors and advisors, and which avenue you choose to go down. This could mean a sale of all your property, (take a look at bankruptcy below), or your creditors may choose to allow you to make payments in installments over time. There are a number of conditions related to a PIA, so take a look here if you’d like to know more.
Bankruptcy

Bankruptcy is a scary word, but as we know from the current economic climate, it isn’t all the uncommon. It is definitely only to be used as a last resort however, and all of the above avenues should be utilized before you consider bankruptcy. Bankruptcy can be voluntary, or can be forced if your creditors choose to take you to court over unpaid debts. More information about bankruptcy can be found here.

Although all of these solutions are extremely effective, it can be difficult to decide which avenue to go down, or what is best for your financial situation. At Australian Financial Solutions, we endeavor to eliminate the jargon, and set everything out plainly for you, so you can see your options and we can advise what might be best for your situation.

Contact us now on 1300 237 669 or enquire online for a free Financial Assessment, or to have a chat to one of our experienced finance professionals.

We’ve come up with a few tips to help you during the holiday period.

Budgeting is key

We do mention budgeting quite a bit, as it is the most important part of handling your finances. It’s not too late now to budget out what you are going to spend on each aspect of Christmas – how much you will spend on presents, food, alcohol and so on. Put money away in a separate account, or do your Christmas shopping before the rush – when prices are often raised. Use budget tools like a planner to figure out how much you have, and how much you need. If you are running low, why not do away with that extra coffee, or don’t eat out this week? Every little bit helps!

Organise plans early

Are you having Christmas lunch at your house? Do you have to travel around on Christmas day? Organise everything early to make sure you don’t end up overspending at the last minute. If you are having Christmas at your place, make sure to take advantage of early sales on decorations and food – prices will only hike up as it gets closer to the end of December. Get creative and get the kids to make some decorations, or ask everyone to bring a plate for Christmas lunch. Budget out how much you will need for each aspect of Christmas – it may seem like you won’t spend too much, but budget it out and see what you’ll really end up spending.

Manage your debt now

If you know that you won’t be able to afford the Christmas period, or wish that you had a few extra dollars to spare, don’t ignore it – deal with your debt now. There are many different debt solutions and management tools to help you through. If you are struggling with keeping up rent or mortgage payments while buying presents and decorations, it might be best to take a look at loan refinancing or debt agreements. You may even be able to enter into an informal arrangement with your creditors, and agree on a time to repay money when it is more feasible for your financial solution.

All of this can be quite overwhelming, particularly if you or your family are already struggling financially or heading towards debt. It might become difficult to make rent or mortgage payments, kids school fees, general bills and so on. There are number of debt solutions out there to improve your situation. Loan refinancing or debt consolidation can be arranged for those with personal, family or business loans. Debt agreements and financial informal arrangements can be sorted out to suit your personal, business or family needs and ensure that you get back on the right financial track.

The government isn’t offering many solutions for those who are in debt or struggling, which is why you need to take your finances into your own hands. It is all too easy to blame the economic climate, the government, the banks for your financial struggles – and it’s likely that one or more of those factors has contributed. However, it is important to not ignore your situation and to seek help. Financial advisors can assist you with debt solutions, and there are also website tools and online information to get you started.

So if you are ready to take your finances into your own hands and not let the economic climate affect you, why not give Australian Financial Solutions a call today for professional advice and debt solutions? Contact them via their website or call them on 1300 237 669.

We have summed up five of the key reasons as to why booking an appointment with a financial advisor is the best solution:

1. 1. Expert advice. This may seem like an obvious one, but it is generally overlooked. Financial advisors often have decades of experience in their field, and know exactly what they are talking about. Reading bills or contracts with financial jargon can be extremely daunting and can often lead to mistakes, so seeking the advice of an expert is a great idea – they can help you decipher the jargon, make sense of your finances and point you in the best direction.
2. 2. Tailored to your circumstances. Financial advice from specific financial solution companies are tailored to your personal needs. When asking advice from your bank, mortgage lender or other big corporation, they are only able to advise you in a general way –everybody gets the same treatment. However when seeking debt assistance or finding a way to manage your debt, financial advisors sit down with you and work out the best solutions for your personal situation.
3. 3. Solutions, solutions, solutions. Australian financial advisors can suggest and provide many different answers and solutions to your debt problems. When trying to find your own solution, the task can become overwhelming, and often banks and other institutions are not forthcoming with adequate advice. Financial advisors can proffer a number of different solutions including: debt arrangements, debt management, loan refinancing and debt consolidation, and many more.
4. 4. Free service. It is a common misconception that visiting a financial advisor is expensive. However, many Australian financial advisors charge no fee whatsoever for phone calls and initial consultations, and often even after extensive advice will still charge no fee.
5. 5. No more confusion. Financial advisors can explain the jargon, talk to the creditors and banks for you, and provide you with endless information and tools to assist in your process back to financial stability. Advisors are there for you to utilise and can help out no matter what your personal circumstances may be.

So if you are sick of dealing with endless large corporations, listening to hold music and staring at the piles of financial papers on your desk – why not call Australian Financial Solutions today for top level financial solutions and advice? Contact them via their website or call them on 1300 237 669.

1. Keep records of everything. This means your interest rates, your terms and conditions, make a repayments schedule, and ensure you are fully aware of everything. This sounds simple and you have probably heard it all before – but it really does help to undertake a positive debt management routine. This is not just for credit cards – it is important to add up all the money you owe, as scary as that may be! This is where debt consolidation and loan consolidation can come in handy.
2. Know what you are getting into. Are you looking at getting your first card, or maybe upping your limit? Make sure you know exactly what it is you are signing up for. Take into account your earnings, your expenses, and make sure you read the terms and conditions – no matter how boring they are. Ensure that you really need a card – you would be surprised at how often they aren’t needed!
3. Utilise the tools around you. This cannot be stressed enough – people often ignore the simplest of tools and avenues that could mean the difference between personal insolvency and healthy spending habits. Internet tools like budget planners, loan repayment and credit repayment calculators, and there are a number of websites available offering advice on credit loans.
4. Talk to a financial adviser. Financial advisers know what they are doing! They can help you out with consolidating your debts, preventing personal insolvency, and making sure that you get on track with your debts. They are qualified, confidential, and are all about your personal situation.

So if you are feeling overwhelmed by your credit card debt, are looking at getting your first card, or simply need some help with the fine print, why not get some help? Talk to a financial adviser at Australian Financial Solutions today for top level financial advice and solutions to ensure your debt is effectively managed. Contact Australian Financial Solutions via their website or on 1300 237 669 for debt advice, and to create a personal financial plan to ensure you never have to worry again!