DEBT054 Charting a course to financial recovery (589 words)

This article discusses the rise in Australian household debt, explores the role of Debt Management companies in helping manage debt, and offers alternative strategies such as budgeting, negotiating with creditors, government assistance, and financial counselling to empower individuals towards financial recovery.

Australian Bureau of Statistics, (ABS) figures indicate that between 2017-2018 and 2019-2020 total average household debt rose from $190,000 to $204,000.

That’s an increase of over 7% in two years!

The reasons why would make for an interesting study, however a more pressing question might be what can we do about it?

Combine high levels of debt with rising interest rates and a cost-of-living crisis, and it’s no surprise that Australian households are reaching out to Debt Management (DM) companies to help regain control of their finances.