Counselling 'may help with credit card debt'

Monday 14 June 2010

Article by Mozo

Personal counsellors may be able to help people deal with the root causes of their debt problems, finance expert Scott Pape has said.

Mr Pape made the suggestion while responding to a money question in the Herald Sun.

The reader said he had a "mountain of debt" after his family bought a small business four years ago.

"Even though we are making decent money (a combined income of $140,000), we have car leases, loans and eight credit cards – each with about a $10,000 balance," confessed the reader.

Mr Pape suggested he was heading for "financial Armageddon" and urged the reader to take stock and consider counselling.

"I’ve noticed that when people have massive amounts of credit card debt, it’s a good sign that something emotionally is wrong," he said.

The comments may interest Aussies wishing to compare credit cards in search of affordable options. Noting that the reader will be paying about $14,000 a year just in interest on his credit cards, Mr Pape suggested he seek emergency help from one of his bank’s hardship departments.

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