My Debts Always Seem to Go Up?

Are you in a position where your credit card balances are always increasing despite earning good money and don’t understand why! When unexpected expense come up you use credit cards, which just makes the problem worse. You may be thinking about debt consolidation or borrowing your way out of trouble? Before you borrow more money you need to ask a couple of basic questions; “can I afford my current debts?” and “how much can I actually afford to repay?”

Most people trust the bank to assess if you can afford the loan. We created this calculator to help you assess if you can actually afford your debts. It will help you consider EVERY expence. IF you can afford your debts it will also calculate how long until your debt free. If you can’t afford them it will identify that you’re insolvent. Insovent simply means your income is less than your expences.

Being insolvent is an increasingly large problem. Banks routinely offer to increase credit limits, people borrow their way out of difficulty through debt consolidation and mortgage refinancing, the cost of living has risen substantially and incomes have gone down due to the global recession. The bottom line, however is; if you can’t afford your current financial commitments you’re just “rearranging the deck chairs on the Titanic”.

If your expenses are more than your current income Debt Consolidation in not an appropriate solution. It won’t address the basic problem that you can’t afford the debt, at best it will delay the inevitable. The commonwealth government has legislated 2 solutions for people in your situation; Debt Agreements and Part 10 Agreements. These allow for you to only repay a portion of what you owe based on how much income you have left AFTER your expenses.

Please use our calculator to find out: Are you insolvent?

Insolvency Calculator

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