Pressures have changed. When Iresha Lehane began working at Lifeline’s financial counselling service on Sydney’s northern beaches five years ago her clientele’s main worry was ballooning credit card debt. Now she is seeing people with “a whole world of financial trouble”.
Often, they are trapped by the shame and sense of failure about their debt; some keep the crisis a secret until their lives are in financial chaos.
Lehane, who is trained in consumer law, credit law, bankruptcy, counselling and advocacy, is seeing more and more complex, multi-faceted problems.
She says her Lifeline practice typically assists people in their 50s, sole traders and small business owners whose companies have gone under, and others who have lost their jobs. There are also clients with alcohol and substance abuse issues. Health issues such as cancer can have a huge impact on finances.
Strata debt is another huge issue, as many people now buy apartments rather than houses. Usually, the body corporate holds the power and decides what will happen if someone falls behind in their bills.
“The minute their strata fees are outstanding by $10,000, they fall into bankruptcy legislation,” says Lehane.
“The body corporate takes it down the path of bankrupting them. The biggest bankruptcies in the country are strata.”
How they can help
Many Australians are not aware of financial counselling: a non-judgemental, independent and free service run by not-for-profits.
Denne historien er fra August 2023-utgaven av Money Magazine Australia.
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Denne historien er fra August 2023-utgaven av Money Magazine Australia.
Start din 7-dagers gratis prøveperiode på Magzter GOLD for å få tilgang til tusenvis av utvalgte premiumhistorier og 9000+ magasiner og aviser.
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