Hints to help you break the debt cycle
Case study #2
iPad
Sally is 22 and decided to rent an iPad ($10 per week but it ended up costing her $1000). She fell behind on the repayments and had to go to a pay day lender and pawn her jewellery. The payday lender repayments made it difficult to make her mobile phone repayments and Sally then had debt collectors chasing her.
Sally now has a bad credit rating, is $3000 in debt and has no money for food and is facing bankruptcy. And she still doesn’t own the iPad.
Sally saw a financial counsellor who showed her she could have gotten a NILS loan to buy the iPad for $569, paying it off at $30 per fortnight through her Centrepay. And would have owned it in less than a year.
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.
