When it comes to resolving debt, thousands of Australians are seeking help. We understand the importance of these decisions. They can weigh on both a person and their family members. As getting out of debt is not always easy, we strongly advocate the use of financial planning.
There are plenty of debt reduction plans, services and strategies to consider. However, we recommend consulting with a qualified financial advisor to better understand your situation. Before you make any big decisions, you should know if a financial service is suited to your individual circumstances. A debt reduction plan can help if you are facing a messy debt scenario. In such cases, we can assist as a direct representative, and help clients negotiate with creditors. However, you should consider whether such services will result in higher overall costs than if you were to settle a debt on your own.
We usually recommend that our clients not pay for something they could otherwise do themselves. Remember – it is within your right and power to negotiate with your creditors personally.
Strategies for Financial Freedom
Managing debt payments can be difficult, especially with your other financial responsibilities to consider. However, any change in your circumstances can impair your ability to manage debt. Our team keeps this in mind when helping clients to keep a good financial strategy. If financial freedom from debt is what you seek, we recommend either the snowball method, or avalanche method. The snowball method aims to pay off debt with the smallest balance, regardless of interest rate. On the other hand, the avalanche method aims to pay off debt that accrues the highest interest, regardless of outstanding balance.
It can be difficult to clear outstanding debt when you have daily expenses to manage. If your circumstances change, this can make the effort harder. This is why we recommend a debt reduction plan to help clients reduce their debt.
ADAIS is here to help
At Australian Debt & Insolvency Solutions (ADAIS), we work to help clients find effective financial debt reduction plans. Give us a call on 1800 212 452 to see how we can help you pay off your debts successfully.