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

Good Loans are designed to help New Zealanders with limited incomes improve their quality of life! Our community loan workers can help people on limited incomes apply for a no or low interest loan to buy essential items like second-hand cars, car repairs, computers, new household appliances, education related costs or to pay for medical and/or dental services. We also offer a ‘DEBTsolve Programme’ where we can refer you to Debt Coaches who work alongside you to find solutions to high interest or unmanageable debt.

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