When you are DEEP in debt. How to deal with loan sharks, banks. Listen!
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One of the earliest money lessons I received was to borrow money from the bank when you don’t need it - because, when you do need urgent financial help, the bank will not give you funds. So: set up an overdraft, but don’t use it unless there is an emergency; try to have an access-type bond for emergency funds and have a credit card - but don’t use these unless you absolutely have to tap into this money. This is because the bank will assess you on your ability to repay. And, the way the system works is that you will not tick all the boxes for the back office if you have a cash crunch. In this BizNews podcast, Alec Hogg and Candice Paine discuss the options when you have left it too late to ask the bank for money and have ended up in the hands of loan sharks as your debt continues to spiral. - Jackie Cameron
