Struggling to manage repayments? MyBudget’s debt consolidation solutions help Australians combine debts into one simple, affordable plan.
Free appointment | No long-term, lock-in contracts
Megan & Creagh | MyBudget clients
Australian debt relief solutions
Callum and Sally were juggling 17 different debts, with monthly repayments totalling $5,841 and constant financial stress.
What changed after consolidating their debts:
At MyBudget, debt consolidation isn’t just about getting out of debt, it’s about helping families reach their money goals.
Run the numbers quickly. Our free Debt Consolidation Calculator shows how much you could save each month by combining multiple debts into one simple repayment.
With the calculator, you can:
If you’re juggling credit cards or personal loans, use the Debt Consolidation Calculator to get instant clarity and take the first step toward financial freedom.
Leah | MyBudget team member
Tammy Barton | Founder & Director
For over 25 years, MyBudget has helped over 130,000 Australians reduce debt and build savings. We can help you too.
A quick 10-minute chat is all it takes to start your debt consolidation journey.
Debt consolidation means combining multiple debts into a single loan or repayment arrangement. This can include credit cards, personal loans, buy now pay later accounts, or consolidating debts by refinancing a mortgage. Instead of juggling multiple repayments, you make one regular payment, which can simplify your budget, reduce fees and support a clear debt management plan. MyBudget helps you understand whether debt consolidation is suitable for your situation and how it fits into your overall budgeting and debt relief strategy.
It’s ideal for those with multiple high-interest debts, like credit cards or personal loans.
It can have a positive impact if you make regular payments, but missed payments could hurt your credit.
Pros
Debt consolidation simplifies your finances by combining multiple debts into a single loan, which often results in lower interest rates and monthly payments, helping to reduce financial stress.
Cons
While debt consolidation can reduce immediate payments, it may extend the loan term, leading to more interest over time. There can also be upfront fees, and it requires disciplined financial management to avoid accumulating new debt.
Debt consolidation can include unsecured debts such as credit cards, personal loans, medical bills and buy now pay later accounts. In some cases, debts may also be consolidated by refinancing a mortgage, which can offer a lower interest rate. MyBudget helps assess which options suit your situation and budget goals.
Yes. MyBudget Loans can help with debt consolidation by exploring options to combine multiple unsecured debts, such as credit cards, personal loans and medical bills, into one simpler repayment. In some cases, consolidating debts by refinancing a mortgage may also be considered, as it can offer a lower interest rate. However, it’s important to be mindful that spreading short-term debts over a longer period can increase the total cost. We help you weigh up the options so any consolidation supports your budget and long-term financial goals.
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