Reducing Debt Repayments
Reducing debt goes a long way to helping families have more funds available for day to day living but often people find it hard to get on top of debt repayments.
Many families find that their debt creeps up over time and it can be daunting negotiating with companies or banks to come up with solutions for increasing debt costs. This is where working with a financial mentor can be invaluable.
Recently at Māngere Budgeting Services Trust we have new clients reaching out who have never had to ask for support as cost of living pressures are impacting many more families. Increasing debt repayments often play a part in reducing how much the family has available for other necessity like food and education.
One such client commented “As we’re classed -income earners, I felt a lot of shame about our financial position and like we weren’t the ‘right’ candidates for receiving support from services such as MBST. But I’m so glad we reached out”
The rising interest rates and increased cost of living are making it harder for families to repay their debt commitments. Lara Dolan, Chief Executive agrees debt is a big stress for families. “Families often come in looking for a solution to reduce debt repayment. Our financial mentors can access tools to support them like negotiating better terms with lenders and supporting them with applications for low or no interest loans”
Financial mentors can support clients by accessing tools and organisations like Money Sweetspot who offer low interest loans to those who meet their criteria. These options are part of the value of working with a mentor as not all people know where to find help.
Our clients who took advantage of using a low interest consolidation loan to help improve their day to day finances said “We finally feel like we’ve regained control and can move forward into a positive space, after months of experiencing financial stress that took a toll on our wellbeing. Your services are so important, particularly now in the current climate, and we will always be so grateful for your help”
Talk to our team today about we can help you manage your debt and take the stress out of trying to sort a solution on your own.