Hints to help you break the debt cycle
Case study #3
Furniture
Mel is a single mum with 2 kids. She recently moved house and needed some furniture. She decided to rent a lounge suite but ended up being upsold to a TV, vacuum, fridge and coffee table. Her repayments were $75 per week, which she thought she could afford. When a credit card bill came in Mel fell behind in her rent and nearly lost her house.
She saw a financial counsellor who showed her she will be paying over $7800 in total for the items far in excess of the original purchase price. And instead could have purchased a fridge with a NILS loan, and obtained the furniture through charities, and TV and vacuum at discount stores saving herself thousands.
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.
