Getting Out of Debt for Free

If you are dealing with debt and are having issues getting on top of it, there are professional options available. A simple search online will provide many paid services that primarily advertise freezing interest through what is known as a debt agreement. Other options will include unsecure debt consolidation loans – in many cases those who are in debt may not qualify for them. Whilst both a debt agreement and debt consolidation loan do have their benefits, they also come with varying degrees of consequences.

Understanding what debt solution is best for your current situation and into the future is important as some options can have an adverse effect on your credit. This may prevent you from purchasing a home or vehicle for some time.

 
Free Financial Counselling
The Australian government has made it a national directive to provide free professional advice for those dealing with financial issues or want help on getting ahead. The Australian Financial Security Authority in conjunction with the Australian Securities & Investments Commission (ASIC) provide this indispensable service through a number of community charities, organisations, government agencies and even community legal centres. Free financial counselling is provided by a financial counselling professional in-person and allows you a face to face meeting with someone that can actually help you.

A financial counsellor can be found through the Financial Counselling Australia website or through ASIC’s website. These professionals are provided free of charge to help you find local services to help you in a financial time of need. This counsellor can also negotiate payment agreements on your behalf with creditors in order to allow you more time for repayment and possibly even lower the debt. These professionals can help you understand your monthly budget and how to best meet your obligations and where else to turn to for other needs.

When cash is needed
To keep from going into further debt with expensive short-term lenders, consider NILS or Centrelink Advance payments to help with unexpected expenses whilst dealing with debt.

The NILS programs is probably one of the best and most-widely known low income loan programs in Australia. It offers loans to those with a Health Care Card or those that earn less than $45,000 per year. A free financial counsellor as mentioned above may also be able to assist.

Details on NILS:

• Get a loan between $300 and $1,200
• Pay it back between 12 and 18 months’ time
• There is NO interest on the loan
• There are NO administration fees
• There are over 650 NILS providers across Australia
• Use the loan for essential items or services

Essentially you can get a free loan to help you pay for:

• Household appliances
• Furniture
• Vehicle purchase or repair
• Electrical goods such as laptops or tablets

Get a loan absolutely free for items that are essential to your life. This helps to control your debt, especially loans that carry expensive fees and high interest rates.

When climbing out of debt, borrowing more money should be the last thing on your mind. However in unexpected circumstances that require cash, NILS is a safe option.

 
Put Yourself to Work
Lastly, you could put yourself to work. You may have a personal disability or a personal situation that prevents you from working outside of your home. However with a growing online economy there are tons of jobs and ways to make some extra money online. With a NILS loan you could buy a laptop and start providing writing services for companies, administrative assistance online, clerical duties and more all from the comfort of your own home.

Don’t Forget Benefits
If you have never utilised or claimed benefits, you may be missing out on numerous subsidies that can help with your monthly cash flow. There are benefits available for essentially every situations available. Some of the more popular benefits include, help with utility bills, rent, medical, employment, childcare and more.

Utilise the benefits calculator to learn about benefits you may qualify for. Taking advantage of benefits can increase your monthly cash flow allowing you to pay down your debt quicker.

These options provide a way for you to make your own schedule/budget and work from home to provide extra income in order to pay off your debt. Paying off your debt should be your number one priority, especially if you are a low-income earner. Any interest or fees on debt simply erode your chances of savings and getting ahead – eliminating debt is a must if you want to control your finances.