Bruce has found himself in a difficult situation as his rent has risen to $460 per week. He owes $22,000 on his credit card (5% of the balance to be paid each month), has a study debt of $20,000 and makes monthly repayments of $350 on a personal car loan (principal balance of $25,000).

His basic living expenses are currently about $14,000 per annum, but he often exceeds this amount by overspending on luxury items. Bruce is finding it hard to pay his bills. In addition, there has been an interest-rate increase, meaning that the rate on the credit card is increasing to 22% per annum (interest calculated daily). Bruce has only $600 in his bank account. His only assets are his car, furniture, jewellery and clothes. Bruce is 32 years old and earns around $75,000 before tax.

Bruce has come to you for financial advice. What recommendations can you make?