✅More than 22% of surveyed #SMEs list servicing excessive debt as one of their top 4 challenges. The data also shows that small #businesses will have taken on additional unforeseen #COVID debt somewhere between $100-$300K. It almost feels like we should stop for a minute’s silence.
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You could be suffering from credit card debt, #mortgage #overwhelm and/or business debt.
You might need a Credit Reset.
In this episode we talk to our expert Laurence Barlow, Company Director of Credit Reboot, they have helped 2500 #Australian families out of crippling debt and reset their #finances in the last 5 years. And guess what? Your debt may not even be legally #compliant!
01:08 Australia’s personal debt levels are amongst the highest in the world
02:00 Did you realise that the National Credit Card Debt is sitting at $281 Billion?
02:53 Laurence’s #software looks at consumer’s credit applications and determines where the Responsible Lending breaches have occurred when the credit provider issued the credit card.
03:38 Did you too get one of those phone calls offering you pre-approved credit limits?
04:49 Have you signed for debt that isn’t legally compliant?
04:58 Of the 1000’s of applications reviewed, ALL have breached between 5-30 compliance regulations
05:46 Do you have 4 – 5 credit cards around $5-10k each from different brands?
07:01 Is this an #asset grab by the credit provider?
08:12 Laurence gets the documentation directly from the #bank or #financial institution and reviews it
08:59 Debts are often negotiated down to 50c in the dollar, interest free payment plan and the balance is paid off without putting them into financial hardship
09:50 Trying to solve debt problems with more debt is like trying to put fire out with gasoline
10:07 Lawrence previously had a substantial debt collection business – he knows how the system works
12:03 Do you have Zombi Debt?
13:30 What about Debt Diabetes?
14:10 You don’t have to accept aggressive collection conduct, get help to fight this bad behaviour
14:55 Businesses have used credit cards to keep the doors open and suddenly have $200K of debt and business is down as much as 80%
15:49 Credit File health during COVID
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