How to Get out of Credit Debt

Financial stress is at epidemic proportions. Rising prices, job insecurity, housing costs and our consumer culture are stretching Australian wallets to the limit. Savings are at an all-time low as people increasingly live pay-to-pay. Debt is at an all-time high as people use loans and credit to make ends meet or finance lifestyles they can’t afford.

Most people are inadequately prepared to deal with financial stress. Handling money is a basic fact of life, yet we rarely learn about money management at school. Most people are left to learn about finance from their parents or to teach themselves through experience. But, unfortunately, experience can be a hard teacher. It’s easy to learn bad habits and make poor decisions when you’ve never received proper guidance.

One of the most important things to realise about financial stress is that taking out a loan is rarely the answer to the problem. The best solution depends on your circumstances, but it generally makes little sense to get further into debt when you’re trying to get out of debt.

Being in debt is a very stressful experience. Debt causes tension in families and puts pressure on relationships. Juggling bills, going without, missing payments and handling demands from creditors—it’s generally a spiral of anxiety that worsens over time.

MyBudget can help anyone who has a regular income. This may be a wage, a salary or a government benefit. We have clients who are single, have a family, are married or separated. We deal with casual workers, professionals, pensioners and people on unemployment benefits.

It doesn't matter who you are or what you do, MyBudget is here to help.