Escaping the cycle of debt

Our loan worker Mel told us about Josie’s* story. “Josie approached us in late 2020 seeking a way out of her constant cycle of trying to pay down two reasonably large finance company debts. Her regular payments were not making much of a dent against the high interest being charged. She wanted to be a good role model for her children and her goal is that one day she will be able to tell the world she is debt free. “We put a referral through to our ‘DEBTsolve Programme’ where one of the Debt Coaches started working alongside Josie to put in place a debt reduction plan to get the debt to a manageable place whilst prioritising her essential costs. Her Debt Coach contacted us recently to tell us Josie was very motivated and they were able to offer her a debt consolidation loan to pay out her debts. “The interest she is paying has reduced from 30% to 6.99% and there are now no fees. This will save Josie thousands of dollars. She has had these debts for over 10 years and now, with a little help, she will be completely debt free within 3 years.” *For privacy reasons, not her real name

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