A Debt Agreement is a personal debt solution available to financially distressed Australians. It allows you to enter into an arrangement with your creditors to negotiate a repayment plan to settle your unsecured debts (typically for less than what you owe).
But despite the advantages a Debt Agreement can give you, such as freezing the interest on your debts and protecting your assets, many Australians remain in denial about their financial options and refuse to seek assistance, instead driving themselves further and further into debt.
Some of the most common signs which suggest that a Debt Agreement may be what you need to rectify your financial situation include:
- Frequently paying bills late
- Excessive credit card use for everyday purchases
- Inadequate cash flow
- Consideration of a second job
- Having water or power supplies cut off
- Seeking financial assistance from friends and family
- Only making the minimum payment required on credit cards
- Receiving several calls from creditors demanding payment
If you or someone you know is experiencing any of the above, a Debt Agreement may be the most beneficial course of action. Late responses to rising debts may lead to uncontrollable debt levels, which only bankruptcy can resolve.
To be eligible for a Debt Agreement you simply need for your unsecured debts to be less than $108,162 and your net income to be less than $81,121.95.
So if you fit the brief and want to learn more about the advantages and disadvantages of a Debt Agreement, give the Debt Agreement Advice Centre a call today on 1800 653 485. Your start to a debt free life could be just one phone call away!
