Updated: Mar 31, 2020
What to do if you are worried about debt and coronavirus
South Australia Hospital staff simulate a drive through coronavirus testing at the Repatriation Hospital in Adelaide. Pictrue: David Mariuz/AAP
These are unprecedented times and as coronavirus continues to spread across the globe, you may be worried about how this could affect you financially.
At Debt Angels, we are 100% committed to supporting you in every way we can. We will provide relevant and accurate information from the government, creditors and other trusted sources on this situation as it unfolds, to help you navigate the uncertainty of this global crisis.
Are you worried about how the coronavirus could affect you financially?
Is coronavirus already affecting you financially?
Are you worried about your finances if you or a loved one get sick?
If you are worried about managing your finances or paying an existing debt during the coronavirus pandemic, here are some steps that you can take to keep on top of your financial health.
1. Get a realistic picture of your current financial position and an understanding of what you will need to pay when. Being prepared and knowing what is coming will help you keep ahead of the game.
2. Prioritise your payments. Work out which are the most important payments and make sure you can pay those first. Payments such as mortgages and rent are most important because you need to feel secure that you have somewhere to live. Some countries are now offering deferrals on mortgage payments – we will let you know if anything like that is announced here in Australia.
3. Prioritise your spending. Everything is uncertain at the moment. Things are changing hour by hour and it still isn’t clear what we are facing and how we should best prepare. Work out what your priorities are and reign in on unnecessary spending so that you are not short of money for essentials like food, medication and hygiene products.
4. If you are concerned that you will not be able to make a payment, contact your lender before the payment date. They may be able to help. We will be coming out with a program of what to do to ask for assistance from creditors if needed.
5. Be sure to consider the possible long term impact on you and your family financially before taking out another loan or credit card - make sure you consider, if offered, if additional credit is really a good solution for you or if you stopped paying interest and fees on the debt you have, would you be ok and able to manage? - #thereisanotherway
6. Look after yourself. It is very important in times of uncertainty to make sure you prioritise your own health and wellbeing. Good nutrition, sleep and exercise are more important than ever.
We will continue our fight to free our clients from debt and financial distress as we always have. Our team is working harder than ever to continue to provide hope and guidance to all our clients and our community alike. We are 100% committed to helping people get back on track and thriving as always and in the wake of this pandemic.
We will remain open for business during normal business hours and we will continue to provide support through all our usual channels. We request clients to not attend our office at this time. As always, you can reach us by phone and email and we will respond to all emails and messages sent outside of these hours as soon as possible.