Aussie mortgage holders are not the only ones struggling to make ends meet and pay their debts this Christmas.
After 188 years of rich history, Australian retailer David Jones was forced to admit defeat this week.
Shoppers will be wondering what is going on and what is next for the iconic retailer.
To understand what is unfolding at DJs, it helps to consider what happens to individuals when they cannot pay their debts.
What happens when you fall short?
When this happens, households or individuals have several options.
They can, of course, try to cut their costs or boost their income to keep making payments.
They can appeal to their creditors (banks and others they owe money to, like utility or telco companies) for an altered repayment…