Market And Personal Financial Advice For The Debt Ridden
For about twenty years, Australians went on a binge, not of drinking but borrowing.
The GFC had the effect of slamming the brakes and most of the stuff in the car has hit the windshield. You may be a part of that disaster or just one of those who got banged around a bit. Seeking financial advice now is somewhat like running the car into the tree and then calling about insurance, but all is not lost.
You don’t need to go into financial counselling to know that debt relief is a major concern for a great many people. It becomes harder to follow financial advice about saving when it is taking more than you earn to try to stay even, and the only real comfort you have is that you are not rowing the boat by yourself.
Financial Advice On Markets
Some people want to stay away from the market and cash out investments while waiting for things to return to the way they were. This strategy is a poor reaction because the market may never be the same in a generation. It can take a very long time for the dust to settle, and even when it does, there is a good chance that it won’t resemble the market as it was.
The cure for the disease is the same medicine that would have kept the GFC from happening, saving money and staying out of debt. Any financial advice for the current situation must address the two issues no matter what roads are taken to get to them.
Investing in stocks is always a matter of long term. Most rewards come from a twenty year commitment, but many people have hit the time span in the wrong part of the curve making it difficult for their numbers to work. Assuming that cash is the best way to invest does not provide a safe harbour because the influx of more money by the government points towards inflation. Cash will, of course, lose value under that scenario.
Financial Advice On Personal Debt
The person swimming in credit card debt is the real loser as any financial advice will point out. Bank transfers to hopscotch around while getting the best interest deals don’t help much when the balances are very high. Some Aussies carry as many as eight credit cards that have $10,000 in balances each! Even if they make good money, each year only brings compounding interest on a present yearly payout of approximately $14,000.
No amount of financial advice can help if there is not a way to relieve huge interest payments. In some cases, it is best to lay the cards on the table and ask a bank what is the best route to take. A hardship department at one of the larger banks can offer financial advice on ways that may unload some of the debt.
If you are deep in debt, some other ways you might get some help are:
- Arrange an appointment with an accountant. He can offer financial advice on where to look for cheaper forms of financing. Take all your business and personal financials to the meeting.
- Meet with a community-based financial counsellor who can offer many options to take in regards to debt relief.
- Speak with a personal counsellor. Although you may have financial problems, there is a good possibility they are related to some other parts of your character or relationships that need to be worked on to give a better concept as to why your spending has gotten out of hand.
Debt relief is much like the state of the stock market, it cannot be resolved quickly.
Related posts:
- How to Consolidate Debt – With a Home Loan or a Personal Loan?
- Debt Refinancing
- Fox Symes Debt Consolidation Home Loans
- Home Loan Debt Consolidation
- Personal Loan vs Mortgage – Their Differences and Uses
- Steps to Financial Freedom
- Beware Of Rolling Credit Card Debt Into Your Mortgage
- Bad Credit Mortgage Refinance
- Four Ways To Financial Success In 2011
- Generation Y – The New Property Market Clients
Top Home Loans
| Home Loan | Details | Interest Rate (p.a.) | Comp Rate^ (p.a.) | App Fee / Ongoing Fee | Max LVR | Min & Max Borrowing | |
|---|---|---|---|---|---|---|---|
 Loans.com.au - Dream Catcher | A home loan offer with a $0 application fee and one of the lowest available home loan interest rates. | 5.85% | 6.21% | $0 / $375 | 80% | $50,000 / $750,000 |
 
|
 Bankwest Online Home Loan | A low interest rate home loan with a $0 application fee and ongoing maintenance fees. This offer is exclusively available by applying online. | 5.97% | 5.97% | $0 / $0 | 80% | $100,000 / $1,000,000 |
|
 Illawarra Home Loans Bank Beater Home Loan | A low variable rate, beaten down even further by 0.05% p.a. after 5 years. | 6.07% | 6.35% | $0 / $345 | 90% | $250,000 / $1,000,000 |
|
 State Custodians Mortgage Company Standard Variable Offset Loan | Awarded the 2011 Non bank Lender of the Year this feature-packed loan rewards customers with a bonus rate drop of 0.25% after 5 years. | 6.02% | 6.23% | $0 / $345 | 95% | $150,000 / $1,000,000 |
|
Ask A Question