Hints to help you break the debt cycle
Case study #6
Car repair
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.
Contact YFS - Done With Debt:
Phone: (07) 3826 1500
Email: donewithdebt@yfs.org.au
YFS is funded by the Australian Government and the Queensland Government.
YFS acknowledges Aboriginal and Torres Strait Islander people are Australia's First Peoples and the traditional owners and custodians of the land on which we meet and work.
