How to handle pandemic debt

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A year into the COVID-19 pandemic, many Australians are trapped in a vicious cycle of increasing debt while relying on multiple personal loans to cover their household bills and living costs. So, how do you live in debt and proactively manage your financial commitments?


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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People in Australia must stay at least 1.5 metres away from others. Check your jurisdiction's restrictions on gathering limits. If you are experiencing cold or flu symptoms, stay home and arrange a test by calling your doctor or contact the Coronavirus Health Information Hotline on 1800 020 080. News and information is available in 63 languages at 

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