DEBT055 When debt collectors call, know your rights (547 words)

This article provides practical advice on debt management by explaining the rights individuals have when dealing with debt collectors and offering steps to take control of their finances. It emphasises proactive measures like listing debts and negotiating payment plans with creditors. Additionally, it highlights resources like the National Debt Helpline and financial advisors to help formulate a debt management plan.

Debt is a fact of life; some might say it’s a necessity. Rarely is a home or large-ticket item purchased without finance of some kind.

Australians typically manage their financial obligations well, but rising interest rates, cost of living pressures and unexpected expenses combine to place stress on a household budget.

In an increasingly cashless economy, it’s difficult to keep track of spending, and before you can say, tap-and-go, the morning latte and toastie has maxed out the credit card.