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Need help with credit card debt? Here’s 6 steps that show you how to lower credit card debt

At MyBudget, we’re here to help with credit card debt. Tens of thousands of people have been able to reduce their credit card debt with MyBudget. To help you on the same path, we’ve outlined six steps that show you how to lower credit card debt.

What can I do about credit card debt?

Start with ‘why’

You might be thinking “I don’t need to know this, just help me get out of credit card debt”, but before we start talking about how to lower credit card debt, let’s talk about why it’s important. Aside from being one of the top causes of financial stress, credit card debt can hold you back from living the life you want.

This is because debt:

  • Limits your options
  • Reduces the size and number of your goals
  • Forces you to shrink your dreams

On the other hand, no debt means no repayments. And no repayments means more money in your pocket. And more money in your pocket means more choices. And more choices means more freedom!

That’s a lot of good reasons why getting help with credit card debt is worth it.

Download our free eBook now to learn more about reducing credit card debt.

Believe you can and will

Our ‘6 Steps To Get Out Of Credit Card Debt eBook’ is designed to help with credit card debt. But before you begin the journey, it’s important to adopt the right mindset.

You need to believe that life beyond credit card debt is achievable. In fact, it might even be closer than you think!

We know this because every week we help thousands of Australians and show them how to lower their credit card debt and achieve dreams they thought were out of reach. Holidays, house deposits, renovations, new cars, new babies – you name it. So without further ado, here’s some steps you can take if you’re stuck wondering “What can I do about credit card debt?”.

A scenic view of the mountain range and lake in Queenstown, New Zealand.
MyBudget client Sarah got debt-free and went on her first overseas holiday
“Since signing on with you guys, you have changed my life. I’ve paid off my car and have become officially debt free and I managed to go on my first overseas trip on my own which was only to New Zealand but it was so worth it! This was my view of Queenstown and it felt great!”

Step 1: Make a list of your outstanding debts and interest rates

This exercise is a simple yet powerful method to help with credit card debt and is the first step towards understanding the extent of your debts. The free eBook includes a handy table to make this process easier.

[H4] Step 2: Contact your credit card providers

Banks and credit card companies are obliged to help you if you’re in financial hardship. Be honest and tell them you need help getting out of credit card debt. They may be able to waive late fees, lower your interest rate or even freeze your payments. If you don’t feel comfortable talking with your bank, MyBudget may be able to talk with them for you.

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Step 3: Choose a debt strategy to suit YOU

Choosing the right debt strategy can be the difference between years of struggle and tens of thousands of dollars in credit card interest payments. So, which method will work best for you? Will it be the Avalanche, Snowball or Feel Good approach? Perhaps a combination? The ‘6 Steps To Get Out Of Credit Card Debt eBook’ explains these different methods in detail.

Step 4: Simplify your debts

Juggling multiple credit cards, loans and other debts can be confusing and stressful. That’s why one of your aims should be to simplify your finances. Simplifying not only makes it easier for us to help with credit card debt, but also makes it easier for you to understand the cause and effect of financial actions. Download the eBook to understand the options that may be available to you.

A close-up shot of a blue credit card is used as the background. With text: The majority of MyBudget clients pay off their unsecured debts in around 3 years.
The benefits of a proven approach: The majority of MyBudget clients pay off all of their unsecured debts in three years.

Step 5: Budget for the life you want

Budgeting is more than paying bills and setting aside savings. It’s about creating a plan for the life you want! Budgeting is also the secret to eliminating money stress once and for all. Holidays, cars, date nights, new clothes, a house deposit and more are all possible, without relying on your credit cards to make ends meet.

Step 6: You don’t have to do it on your own

First steps are often easier if you know you have help. Our debt experts can help with credit card debt by working with you to design a customised budget and choose an affordable debt strategy to suit your situation. Plus, we can do all the heavy lifting that keeps your plan on track.

The eBook explains how MyBudget works and why our approach is so successful.

Free yourself from money worries

MyBudget provides free information and advice to help you lower your credit card debt faster. Instead of spending time thinking about what you can do about credit card debt, take action to reduce your debt and contact MyBudget today.

Ready to find out more? Call 1300 300 922 to book your free budget consultation or enquire online.

Ready to find out more?

Call 1300 300 922 or get started today

This article has been prepared for information purposes only, and does not constitute personal financial advice. The information has been prepared without taking into account your personal objectives, financial situation or needs. Before acting on any information in this article you should consider the appropriateness of the information having regard to your objectives, financial situation and needs.

All customised budgets and consultations with money experts are subject to MyBudget’s qualification criteria. We recommend that you read and consider our Product Disclosure Statement.

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