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While government grants and relief programs keep many families and businesses afloat during the pandemic, they could find themselves in dire straits afterward. Jonathan Turk, head of Angliare’s financial advisory service, said he had seen fewer calls for help since the state’s restrictions began, but he didn’t think it would last. “The amount of support is unprecedented, in terms of job seeker and job keeper, and the other side is support from banks for the next six months,” he said. However, once the government programs ended, he expected an influx of clients. “Think of a tsunami of trouble ahead. The water goes out first, then it comes back.” Anywhere in two to five months, we expect a big absorption. “He said once those who lived on credit had exhausted all other support options, they would turn to payday loans.” Maybe they thought they would get their jobs back, or they would go. realize that they have all of these debts to pay. “They are entering a cycle of debt.” IN OTHER NEWS He advised anyone who was worried about their debts to check out the service now so they can put them in. a better position. “The longer you leave it, the worse it is.” Bankruptcy specialist Andrew Crawford agreed, saying it was too early to say how many people would go into debt. Mr Crawford, who runs a department Debt Counselor said government support was a “bit of a band-aid.” “A lot of small businesses in the Northwest have gotten hung up on their teeth, and many have been doing so for quite a long time. “If they had government help, they had the heat temporarily removed, but when it dries up, what to do then?” He said he expected to see more debt later this year, and he had already noticed that some people go to a payday lender. “Many are afraid of bankruptcy, but often it is the best option they can take,” he said. The Australian Securities and Investment Commission Investments said it was monitoring payday lenders. “ASIC remains focused on any predatory behavior because it is possible for companies to offer inappropriate credit to vulnerable consumers,” a spokesperson said. “We encourage those affected by predatory behavior to contact a financial advisor for free advice or to file a complaint with ASIC. Debt. Call 1800 007 007 for free financial assistance. While you are with us , did you know you can now sign up to receive the latest news and daily headlines straight to your inbox? Sign up here.
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While government grants and relief programs keep many families and businesses afloat during the pandemic, they could find themselves in dire straits afterward.
Jonathan Turk, head of Angliare’s financial advisory service, said he had seen fewer calls for help since the state’s restrictions began, but he didn’t think it would last.
“The amount of support is unprecedented, in terms of job seeker and job keeper, and the other side is support from banks for the next six months,” he said.
However, once the government programs ended, he expected an influx of clients.
“Think of a tsunami of trouble ahead. The water goes out first, then it comes back.
“Anywhere in two to five months, we expect strong adoption.”
TRADE BAN: Most small businesses had to close in April when retail was restricted. For many, their financial future is unclear. Photo: Brodie weeding
He said that once those who lived on credit exhausted all other avenues of support, they would consider payday loans.
“Maybe they thought they would get their jobs back, or they realized they had all this debt to pay.
“They are entering a cycle of debt.”
He advised anyone worried about debts to check out the service now so they can put them in a better position.
Bankruptcy specialist Andrew Crawford agreed, saying it was too early to say how many people would go into debt.
Mr Crawford, who runs a debt advisory service, said government support was “a bit of a band-aid”.
“A lot of small businesses in the Northwest have gotten hold of their teeth, and many have been doing it for quite a long time.
Meet us early. The longer you leave it, the worse it gets.
Jonathan Turk from Angliare
“If they had government assistance, they temporarily took the heat off, but when it dries up, what to do then?”
He said he expected to see more debt later this year and had already noticed some people going to a payday lender.
“Many are afraid of bankruptcy, but it is often the best option they can take,” he said.
The Australian Securities and Investments Commission has said it is monitoring payday lenders.
“ASIC remains focused on any predatory behavior because it is possible for companies to offer inappropriate credit to vulnerable consumers,” a spokesperson said.
“We encourage those affected by predatory behavior to contact a financial advisor for free advice, or file a complaint with ASIC. “
While you’re with us, did you know that you can now sign up to receive the latest news and daily headlines straight to your inbox? register here.
