Debt me out of here with Kristen Hartnett

Nov 21, 2022

31:55

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For today’s episode, I am so excited to be joined by Kristen Hartnett from the Salvation Army’s Moneycare financial counselling program to talk all things debt (and how to get out of it!). Moneycare is a free, Australia-wide, professional and confidential service for anyone and everyone who finds themselves in financial hardship.

Kristen explains to us the most common forms of debt that people come to talk to them about, including credit cards, Buy Now Pay Later, personal loans, utilities, taxation, fines, child support or owing money to family and friends. There are so many ways to get into debt these days, the important thing is that you talk to someone about it and explore your options.

Ladies, if you’re in debt, there is so much you can do to get out of it. Kristen shares some incredible tips - there are so many more options than you might know.

In terms of budgeting, Kristen lets us know how to get started, recommends some really great resources, and shares that the best way to approach budgeting is to tackle one thing at a time.

Kirsten also breaks down Buy Now Pay Later debt, explaining that even though the product is sold as being ‘interest-free’, if you don’t pay the product back in time, then you start incurring fees and charges. These products can be pretty scary because they are easy to get into and are unregulated, which means there are no credit checks. Kristen also explains credit card debt and shares how this kind of debts can often snowball. As we say at LFC, when things get drastic, don’t stick it on the plastic!

Understanding your money story is another great tip from Kristen. She reminds us that the stories we often tell ourselves about how we are about money often aren’t true. If you’re feeling hopeless with money, you are likely overlooking all the ways you are great with it. Changing your story around money can be really powerful.

We also chat about how important it is to understand your debts and bills if you share them with your partner.

Kristen reminds us that debts don’t go away, but just as they grow day by day you have the power to make them go away, day by day. She reminds us that there's always hope and light at the end of the tunnel and that your debts don’t have to define you. You can get out of debt, and there are people who can help!

Resources mentioned:

Money Care Financial Counseling Program

Website: https://www.salvationarmy.org.au/about-us/our-services/moneycare/

Phone: 1800 722 363

Email: moneycare@salvationarmy.org.au

Moneysmart

You're the Boss - book and course

Podcasts: Huberman Lab podcast / Criminal podcast

Books / authors: Fierce Self Compassion / Sally Hepworth

CONNECT WITH KRISTEN HARTNETT

Twitter : https://twitter.com/kristenhartnett?lang=en

LinkedIn: https://au.linkedin.com/in/kristen-hartnett-18643598