Savings your way out….
As we are approaching the festive season of Christmas and New Year, We all are ready with what we want to achieve in the next year. Some of us might want to get out of the debts and some of us are already in the process to be debt free and are looking to start saving.
There is a time where a person has a short term financial crisis then a long term one, where it is only a matter of time you know things are going to be normal and on track, during that phase it is important that we keep our finances intact and do not let the situation slip away.
From the 20th September 2012, the changes to Income, Debts & Assets thresholds are as follows:
- For the purposes of s.185C (4)(d), the “after tax income level” defined in that section is $73 259.55
Having a bad credit rating is not as bad as someone can imagine, if you are struggling to find a loan or cannot get affordable means of credit or at some worst cases cannot even get a mobile phone plan, it is time that you should check your ratings.
Debt Agreements can be a life saver at times and can work wonders for people who are insolvent but wants to be Debt Free in the near future.
The case study chosen today is from one of our many clients who have overcome their debt problems in no time, the name is withdrawn due to privacy reasons, but for the purpose of the case study we will call our client Michael.
It all started on a short trip to my post box, as I opened the letter, I wonder if it was a treasure, the letter said $10000 was approved before I applied it. As I fill the application form waiting for my treasure to arrive, it did not take long before I saw a plastic or as they say a credit card arriving in my post box in the matter of days.
We Australians love the mateship, sports, helping others etc. At the other end of the spectrum what we also love is being in debt. Australians have one of the world’s highest if not the highest debt to disposable income ratio. This is getting us closer and closer to a crisis which is not visible to the common eye.
We continue from our last article which talked about credit scoring and Credit ratings. It explains what a Credit Score is and how it helps you to save thousands of dollars in interest charges if your credit score or credit worthiness is high.
Changes in how credit reports look?
We live in the world of Credit Ratings otherwise named as Credit Scoring; everyone is rated for credit worthiness in this World, from Countries to individuals.
It is important that an individual understands his or her eligibility before doing a debt agreement. Not everyone is eligible to do a Debt Agreement. This article aims at providing a guideline on the eligibility criteria before applying for this type of agreement.
Debt Consolidation in itself is a loose word. It can be used at various instances. In a lay mans terms Debt Consolidation is a way where you can consolidate all your debts into one on a cheaper interest rate and terms that you are already on.