Hey guys,
Just wanting to get some advice from people in Australia. I have been in debt for as long as I can remember. I'm currently a 32yo male living in Melbourne, paying way too much rent (lease ends in July so changing that).
My finances at the moment are an annual income of $50,000, paid fortnightly. My debt consists of $22,000 unsecured personal loan, and $25,000 of credit card debt with approx $17,000 of HELP debt (student loans). Repayments for loan and credit cards come to $1,600/month. I have check my credit rating and it's sitting around 560 (below average). I also don't have any meaningful assets (no car, home, boat etc).
I have looked into the downsides of bankruptcy and the major ones that I can find are limited/no international travel, will be on my record for up to 5 years and my credit score going to shit.
I just want to stop worrying about my debt and trying to cover repayments and costs of living. I have cut down my weekly spending to around $150/week.
Should I look at bankruptcy or just keep churning through the mountain of debit for the next 3-5 years? Any help would be welcomed. Just need an Australian view point.
Submitted May 04, 2017 at 01:29AM by Ravenwing85 http://ift.tt/2q117F2
