Not everyone has the financial resources to clear their debts by adding extra income to their repayment schedule. Only businesses with an Australian Credit Licence can offer debt consolidation using credit.
This course discusses key elements of debt consolidation, examines methods for consolidating debt, risks and costs of debt consolidation and alternatives to debt consolidation.
- Discuss some of the key reasons why borrowers get into trouble with their debts
- Define debt consolidation and outline how it works
- Identify methods of debt consolidation
- Describe the main risks and costs of debt consolidations
- Examine how some lenders may not be meeting their responsible lending obligations when developing debt consolidation solutions for specific consumers
- Explain ‘equity stripping’
- Debate alternatives to debt consolidation.
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