Debt can help fund life's big purchases. But for some, it can become a major source of financial stress. So where should people start if they want to get on top of it?
On this episode of the Friends With Money podcast, Money's Tom Watson is joined by Deb Shroot, financial counsellor and Financial Counselling Australia sector advocate, to discuss prioritising debt, freeing up cash flow and working towards becoming debt free.
00:00 Introduction
02:00 Rising debt stress: mortgages, credit cards and utilities
03:00 First steps when debt feels overwhelming
04:30 How to prioritise multiple debts
07:00 The danger of the debt spiral
08:00 Common debt repayment mistakes and hardship options
09:00 Where to find extra money in a tight budget
12:00 Why you should seek help before reaching breaking point
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