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Beverly Hills Tax Debt Solutions By NSW Financial Private Wealth Planners and Charted Tax Accountants TLK Partners in Sydney
Australians More Indebted Than Ever. But There’s Hope
It’s official. The Reserve Bank of Australia won’t be upping the cost of credit – just yet. But financial analysts are wondering just how much longer we’ll be able to sustain the record low of 1.5 percent. After all, it’s at least partly the fault of these low interest rates that Australian household indebtedness has risen to 200 percent of their income on average.
Financial expert Len Elias of TLK Partners says it’s time to plan your escape from the debt trap: “Easy credit makes for difficult debt, but there’s hope,” he says.
Not all Roses: The Symptoms are There
The Aussie economy has been doing remarkably well for more than two decades. But experts like Mr Elias are among those who warn against complacence. “The symptoms of strain in a slowing global economy are there,” says Elias. “Ordinary people are starting to struggle. Jut look at the recent rise of payday lenders.”
“If that’s not enough to convince you that we’re heading for troubled times, the National Debt Helpline has reported that it could well receive a record number of calls this year. The most common reason for these calls is inability to meet mortgage costs.”
Credit card debt is adding to the financial burden. The Australian Securities and Investments Commission reports that just over 15 percent of Australians are struggling with their card repayments.
“The symptoms are there,” says Elias, “but there’s still hope, and the sooner you take action, the sooner you’ll turn your finances around.”
Planning Your Way Out of Debt Means More Than Two Options
A lot of people think there are only two options when they have debt they’re struggling to pay says Mr Elias. They believe they either have to pay what’s owed or accept insolvency. That’s not necessarily true.
According to TLK’s Len Elias, restructuring, refinancing, and streamlining debt means that most people can escape difficult debt without being declared bankrupt. “Sometimes it’s just a matter of talking to the lender. Ask for more time. Ask them if you can negotiate new terms. Maybe you need to switch lenders – refinance your debt and start over.”
Plan Your Financial Future
No matter what you want to achieve, it’s possible if you plan properly. “I recommend that young adults begin consulting with financial planners as soon as they embark on their careers,” says Mr. Elias.
“Their needs will change as the move from one life phase to another, but we can work to understand their priorities and their plans, and we can help them move towards the financial future they want. That’s especially important when we’re looking at a time when everyone’s expecting, and seeing, a worldwide economic slowdown.”
Whether It’s Wish-Fulfilment or Problem-Solving, Financial Planning Points the Way
When TLK Partners meets with individuals planning their financial future, Mr Elias says they’re more likely to be unencumbered. “I think a lot of people with financial problems believe they’re on their own. They think they can’t afford help from people with financial expertise, and they’re convinced there’s no way out of their situation.”
Whether you’re fancy-free and hoping to travel the world or are settled and struggling, financial planning assistance can help you to steer clear of the debt trap and towards the path to financial success. “You know what you want to do,” says Mr Elias. “We know how you can get it done.”
Preparing for a solid financial future takes a team like that of TLK Partners, says Elias, and having your accounting and tax experts under the same roof as your investment advisors, property, and legal specialists means that the team is a well-coordinated one. Visit TLK Partners, Chartered Accountants and Wealth Management Company website, or call (02) 8090 4324.
This material is of a general nature only, it does not take into consideration your financial circumstances, needs or objectives. Before making any decision based on this content, you should assess your own circumstances, seek professional advice or contact our office to be directed to the appropriate professional. Whilst all care has been taken in presenting the material neither TLK Partners or its associated entities guarantee that the material is free of error and, the information may have changed since being published.
Syndicated by Baxton Media.
Also published on Medium.
We hope you enjoyed this article
The information contained in this article is based on the authors opinion only and is of a general nature which is not indicative of future results or events and does not consider your personal situation or particular needs. Professional advice should always be sought relevant to your circumstances.
Also published on Medium.
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