Financial Literacy for Everyone

Explore financial calculators

Need to determine which car you can afford? How to save for a goal? Explore these calculators to help plan for your future.

Getting Out of Debt

Frequent calls from debt collectors are a sign you have debt problem. If this is the case, it's time to get proactive. Talk to your creditors as soon as possible. You might be incurring additional charges while you wait. Or they might be willing to change your interest rate and save you money.

Here are some tips for talking with creditors:

  • Be cooperative, not angry.
  • Be prepared with a list of how much you owe.
  • Have all your financial records together and with you.
  • Listen. The debt collector might have ideas that will help you.
  • If you are having trouble with a particular bill collector, ask if you can speak with a different person.

Your Rights

Creditors do not have the right to harass you. Under ASIC and the Australian Competition and Consumer Commission’s guidelines they are not allowed to:

  • Use physical force or coercion
  • Harass or hassle you
  • Mislead or deceive you (or try to)
  • Take advantage of any vulnerability or disability

Credit Counselling

Credit counselling agencies can help you get a handle on your debt. They:

  • Review your debt load and income
  • Help you set up a realistic personal budget
  • Negotiate with creditors for reduced payments on bills
  • Assist with planning for future expenses

The Australian Financial Counselling and Credit Reform Association (AFCCRA) or the National Financial Counselling Hotline may be able to help you.

You can also go to ASIC’s consumer website, MoneySmart or call ASIC’s Infoline on 1300 300 630 for the cost of a local call for an up-to-date list of financial counselling organisations.