Credit and debt

Credit is money you borrow from a financial institution like a bank or credit union, to spend the way you want. However, credit isn’t your personal money tree growing in the backyard. Any credit you use is a debt that must be paid back to the credit provider – usually with extra costs on top of the amount you borrowed

Organisation Address: 2/66-70 Collins St, Hobart TAS 7000

Phone: 1300 300 630

Web Address: https://www.moneysmart.gov.au/life-events-and-you/under-25s/credit-and-debt

Link Owner: Australian Securities & Investments Commission

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What is debt? How do you get it? What can be done?

A debt is created when one person owes money to another. The person who owes money is called a debtor; the person to whom money is owed is called a creditor. There are many ways of getting into debt.

Organisation Address: 166 Macquarie Street, Hobart, TAS, 7000, Australia

Phone: (03) 6223 2500

Web Address: https://www.hobartlegal.org.au/handbook/consumers-money-and-debts/debt-2/what-is-debt-how-do-you-get-it-what-can-be-done/

Link Owner: Hobart Community Legal Service Inc

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