China Vs USA on trade; world economies unsettled; drought, fire, flood at home, house prices over the moon, wages 
stagnant, debt at record levels and now corona virus.
What does this suggest to those who are battling heavy debt loads? To me it suggests action is needed. Possibilities range from negotiating with the bank or lender to give you a substantial discount if you pay the loan out or refinance elsewhere, right down to negotiating an extension of loan terms in case the economy nose dives. A fall in house prices could trigger a swag of foreclosures with people losing much of what they have invested in their homes.
Tonight I heard on TV from a reasonably credible source that a person who works just 1 hour a week is classified by the Australian Bureau of Statistics as “Employed”. This surely is a political and bureaucratic farce and perhaps a lie. That person is not really employed. I suspect that most of us think of at least 35 hours a week as being” employed” while anything less is “underemployed”. That tells us that there is a major problem with our economy. In addition we know that wages have stagnated while some top executives are paid up to $40,000 a day. Those execs can increase their wealth exponentially by buying up what the poorer Aussies cannot even imagine.
What the Corona virus has highlighted is how much we buy from China instead of having it produced in Australia. Is it any wonder that wages have stagnated and that even then many people cannot get a week’s paid work?
If jobs are scarce and wages low, a lot of people could be in trouble with debt. There are financial counsellors around Australia who can help many people deal with debt. They are not very likely to wage a full scale war against major lenders who have done the wrong thing by borrowers, but they can do a lot to help anyone with financial problems.
The homebuyer, farmer or business owner in serious debt trouble or with serious debt trouble looming, would be well advised to chat to a senior consultant at either GBAC or its associate FairGO. Together those two combine skills in loan investigations, debt negotiations and political persuasion. As such they a formidable force to be reckoned with by any bank and a very handy ally for any borrower.