I have a healthy steady income (self employed) but I have huge credit card debt which I can barely keep up with. Because of this I can't afford to contribute to my super. My payments are only the minimum so it's not going down. I don't have any assets I can sell. I rent. I have plenty of super, I could pay it off and still leave plenty. I'm 35. Is there anyway I can access my super? From what I've researched I need to be out of work and on Centrelink for a certain amount of time.

Hey Michelle,

Firstly nice to hear from someone down in my home town - love getting back to Adelaide.

Sadly it's next to impossible to get funds from super pre-retirement. Typically you need to be on deaths door to arrange release for medical purposes or sitting on the dole for half a year and need funds to cover mortgage.

I really feel for you. When I started Squirrel years back I'm sure like you, you throw everything you have into your business and when you look for a little help to get through some lean times it gets bloody frustrating that if you were sitting on the dole there would be lots of help but nothing if you're trying to create employment.

I'm not a finance expert but maybe you could investigate the hardship provisions under the responsible lending act. Most banks will have a department for this which might result in your interest payments and accruals being frozen for say 3 months - that could help you to focus on paying down the credit card balance so when interest comes back it's more manageable ?

Hopefully there is a finance guru who can assist.

Wishing you every success,

Damien Linn
CEO Squirrel

Hi Michelle,
Damien is right, unless you are at least in your late 50's or are terminally ill, you won't get access to your super.
Be very careful that you don't fall into unsecured debt facilities that will only make your circumstances worse.
You could potentially switch to a balance transfer card but you must make sure that you cancel the current card and you don't purchase anything on the new card. This is a dangerous way to go if you aren't disciplined and just end up in more and more debt until you drown in it.
Best of luck
Regards
Scott

Hi Michelle,
Thanks for using simplyaskit.
Whilst I'm not a Financial Planner, my understanding is that both Scott's and Damien's reply to you in regards to your super, is correct unfortunately for you at the moment.
Damien's suggestion of inquiring about hardship provisions is a relevant one. These days Lenders do provide options of suspending interest payments and/or coming to some payment arrangement. I have known that in some extreme cases, the outstanding debt has been reduced.
If you contact your credit provider and explain your circumstances, generally they are reasonably sympathetic and will provide you with some options.
I hope this helps in some small way and all the best.
Regards
Craig