-- 7, 2016, Australia
There are serious concerns within the personal insolvency sector there will be a significant increase in the number of people declaring bankruptcy, or entering into other debt solutions, in order to get out of debt following their Christmas overspend.
With estimated Christmas spending of $46.7 billion in Australia alone, it is expected there will be a 2.6% increase in the number of people seeking legislated insolvency solutions.
Whilst this only increase includes legislated solutions, Debt Cutter, one of Australia's leading debt management providers, expects to see an increase in demand for non-legislated solutions.
Debt Cutter expects to see the increase in demand to last until June, as the average Australian will continue to feel the effects far into the New Year.
Debt Cutter is urging all Australian's to take care and seek assistance early for any overwhelming debt they find themselves in.
Operations Manager of Debt Cutter Kyra Pritchard, advised people to admit their inability to pay earlier, as it can sometimes be easier for their debt administrator to negotiate a better deal on their behalf.
“It is often a case, if people ignore that they have a debt problem and don’t act to resolve this, because of this, their creditors will continue to hound and harass them until they pay back the full amount,” Ms Pritchard said.
“It is important they contact a debt management company straight away, so they can negotiate with their creditors on their behalf to get them a better deal.”
Once people enter into a debt solution, their creditors can no longer harass them, and they now have the ability to propose payment terms on their own conditions, not their creditors.
Debt Cutter is one of Australia's leading personal debt management specialists. They are dedicated to assisting individuals to get out of debt and living their life free from financial stress. Debt Cutter is a Government Registered Debt Agreement Administrator (Registration #985) operating Australia Wide. They are also a practicing member of Personal Insolvency Professionals Association.
Contact Info:
Name: Elise Bentley
Email: Send Email
Organization: Debt Cutter
Address: PO Box 1556 Capalaba, QLD 4157
Phone: +61 452 270 742
Website: http://www.debtcutter.com.au
Release ID: 100661
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