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Credit
Credit is when you make an agreement with a company to lend you an amount of money on condition that it is paid back within a certain time. As well as the amount you borrow, you usually have to pay ‘interest’ (an additional amount of money), plus other fees and charges.
A credit agreement is a type of contract. Types of credit include credit cards (like a Visa card or MasterCard), store cards (like a David Jones or Myer card), borrowing money from a bank or another lender, and car loans.
You can end up paying a lot more for goods bought on credit than if you paid cash. The amount of money you have to pay back depends on the interest rate and the length of the loan.
If you think a credit contract is unfair or if you can’t make your agreed repayments, take action as soon as possible. A financial counsellor can explain your options and help you make a plan to deal with the situation. See ‘Getting help with financial problems’ (link below).
More information
Credit – frequently asked questions
Getting help with financial problems
Related publications
Debt problems: the law, your options
How we can help
Call Victoria Legal Aid’s (VLA) Legal Information Service for free information over the phone about the law and how we can help you with your legal problem. You can speak to a legal information officer in English or ask for an interpreter. Phone (03) 9269 0120 or 1800 677 402 (country callers), Monday to Friday from 8.45 am to 5.15 pm.
VLA’s other free legal services include:
- advice at VLA offices and other locations across Victoria
- lawyers who are on ‘duty’ to help at many courts and tribunals.
For some matters we can provide you with a lawyer to help you run your case.
To find out more about any of our legal services see What we do.
Who else can help?
See Getting help with financial problems for details of free financial counselling services in your area and other organisations that can help you.