IF YOU’RE struggling with runaway debt, be careful who you turn to for help.
There’s no shortage of “debt management firms promising rapid solutions to overwhelming debt.
Their services typically include bankruptcy advice, formal and informal debt agreements and debt consolidation.
Others advertise “cleaning, “repairing, or “washing away default listings on personal credit reports.
For anyone battling high debt this can all sound very appealing, but our money watchdog, ASIC, has cautioned that debt management firms can pose significant risks to financially distressed consumers.
One of the key issues is that these companies can charge high upfront fees.
It’s not always clear how much you’ll pay, and ASIC warns “the promise is alw…
Read the full article at: https://www.northernstar.com.au/news/no-quick-fix-when-it-comes-to-clearing-debt/3179992/