Case study #6
Dylan’s car broke down and he needed to repair it quickly. He went to a pay day lender and got a quick loan. He ended up paying back $1600 and fell behind in his car repayments, having to pay extra fees.
He later saw a financial counsellor who showed him there were other options that could have saved him a lot of money and stress. Dylan could have spoken to his debtors to organise a reduction in repayments, and he may have been eligible for a no interest loan or step up loan for the car repair which would have saved him money.
Don't get caught in the debt trap.
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