Hints to help you break the debt cycle
Case study #4
Pay off debt
Chris was let go from his job and had a car loan that he fell behind repayments on, he was struggling to pay rent so he went to a pay day lender and got a loan of $1200 to cover part of the loan and his rent. He ended up falling behind on his rent, loan repayments, and nearly lost his car and house. He ended up paying back well over $1800.
Chris saw a financial counsellor who showed him he could have called the car loan lender and explained he was in financial hardship to be offered more manageable repayments.
Don't get caught in the debt trap.
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