Debt Life Line

The economy appears to be falling apart. No longer are we able to rely upon the prosperity that was prevalent only a short while ago.

Financial markets have crashed, many investments either lost or seriously diminished.

Job losses are escalating and there seems no medium term solution to the impact on the lives of the average individual, despite the often empty assurances of government.

‘How will we all cope’ we ask ourselves, as the bread winner proactively seeks another job or a second job to help meet the commitments that were entered into when things were looking great, not that long ago!

Free-wheeling spending has been the catch cry of the community at large for many years. Easy credit, affordable interest rates, rising property values and low unemployment. Well, that’s finished with, at least for a while.

The issue facing the majority of average Australians is that they are learning slowly, but surely that they have failed miserably in the financial management of their affairs. No savings, diminished superannuation, loss of home equity from falling property prices and in many instances, no job or severely reduced income from less working hours or overtime.

We have to ask “how we will survive the global financial crisis, what can we do to consolidate our financial position, and how will we satisfy those to whom we owe money?”

This booklet does not propose to embark upon budgetary advice. Its purpose is to inform and educate you on issues not generally known nor generally published in such detail. It should serve as a ready reference for you to call upon when the proverbial hits the fan – hopefully you will find this to be so.

It’s best to start at what the author considers the beginning…