Debt consolidation

Struggling with multiple debts? Our debt consolidation services help Australians reduce money stress by combining debts into one simple payment.

Why Consolidate Debt?

Pay off debt faster
Lower interest rates and fees
Stop creditor calls and reduce stress.

We are experts in debt relief solutions.

Live life free from money worries

Initial 10 min chat
Private & confidential
Obligation-free

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For over 25 years, MyBudget has helped 130,000+ Australians fast track their financial goals.

MyBudget saved clients over $2 million in debt arrangements in 2024.

Consolidate debt to simplify bills and start saving

Plan ahead

When you budget with us, all of your income and expenses are planned 12 months in advance to show you exactly how to start saving and how your money is tracking.

Build a budget

We help you build a budget that supports your lifestyle. Date nights, holidays, house deposit and more are all part of budgeting for the life you want.

Automated money management

Our money experts do all the work to keep your budget on track. Freeing up your time so you can stop worrying and start living.

Create a safety net

Every budget we design puts aside money to prepare for the unexpected. Enjoy peace of mind with savings and flexibility built into your budget.

Build a savings plan

A savings plan is not complete without a spending plan. We’ll help you create a budget that frees up cash and adds more money in your pocket to enjoy life.

You don’t have to do it alone

We’re with you every step of the way. We care about achieving your financial goals as much as you do, which is why a money expert is only ever a phone call away.

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Real-life debt consolidation

Australian debt consolidation success story

Callum and Sally were juggling 17 different debts, including private loans from family, alongside their home and personal loans. Their monthly repayments totalled $5,841, leaving them financially stretched and stressed.

What changed after they consolidated their debts:

Debts consolidated into one simple repayment
Monthly repayment reduced by nearly 30%
Saved $1,741 every month
Family debts repaid
Extra $33,000 freed up for home renovations.

At MyBudget, debt consolidation isn’t just about getting out of debt, it’s about helping families reach their money goals.

Debt Consolidation FAQs

What is debt consolidation?

Debt consolidation combines multiple existing debts into a single new loan. The aim is to reduce your repayments by paying out your existing debts and rolling their balances into a single, larger loan with an interest rate and repayment that is lower than the sum of the previous, separate loans.

Who is debt consolidation for?

It’s ideal for those with multiple high-interest debts, like credit cards or personal loans.

Will consolidating debt affect my credit score?

It can have a positive impact if you make regular payments, but missed payments could hurt your credit.

What types of debt can be consolidated?

Personal loans, credit cards, and other unsecured debts.

Pros & cons of debt consolidation

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.

What debt services and solutions does MyBudget offer?

For those needing help with debt relief, we can look to see if we can speak with your creditors, negotiate payments and develop a tailored debt strategy. This may include debt consolidation, mortgage refinancing, a Part IX Debt Agreement, bankruptcy or affordably paying your way out of debt.

Does MyBudget provide financial advice?

MyBudget is a budgeting, debt solutions, and money management service. We provide a range of structure and support services associated with managing your personal expenses. While we do hold an Australian Financial Services Licence (AFSL) and Australian Credit Licence (ACL), we are not financial advisors and offer general financial advice only. For personal financial advice or financial product recommendations, we recommend you seek the services of a licensed financial advisor.

What if my expenses are higher than my income?

This is a very common scenario. We may negotiate with your creditors to obtain the lowest monthly payment obligation that fits within your personal or household budget. We also offer suggestions on how you can tailor your expenses to reflect your income.

What if I get an unexpected bill?

If an emergency or unexpected expense should arise, all you need to do is contact MyBudget. We’ll work with you to find a solution. Ideally, unexpected expenses can be covered with savings set up for this purpose, and we’ll assist you to develop that buffer. Alternatively, we can look to see if we can rework and adjust your budget to accommodate payment of the bill. We’re here to help.

Can’t find what you’re looking for? More FAQs.

Debt consolidation calculator – see your savings instantly

The easiest way to understand the benefits of consolidating debt is to run the numbers for yourself. Our Debt Consolidation Calculator shows you how much you could save each month by combining multiple debts into one simple repayment.

With the repayment calculator, you can:

Compare current repayments vs. a single consolidated loan
Estimate your monthly savings and reduced interest costs
See how much faster you could pay off your debt.

If you’re juggling credit cards, personal loans or other debts, use our free Debt Consolidation Calculator to get clarity and take the first step toward financial freedom.

See savings

Our debt consolidation solutions

Tailored debt relief solutions to suit your needs
Consolidate credit card debt, personal loans, or medical bills into one easy repayment
Pay off debt faster and save money with expert support
We handle creditor negotiations for quick debt relief.

Leah | MyBudget team member

Tammy Barton | Founder and Director

The MyBudget difference

For over 25 years, MyBudget has helped over 130,000 Australians reduce debt and build savings. We can help you too.

Full review of your finances
Explore all debt consolidation options to find the right solution
Receive a free customised budget plan with your debt-free date
We negotiate with creditors, reduce repayments and stop money stress.

A quick 10-minute chat is all it takes to start your debt consolidation journey.

Don't just take our word for it

MyBudget has been featured in leading Australian media and trusted publications.

We were in some serious debt and getting nowhere fast, so we decided to pick up the phone and call MyBudget. We went over everything in fine detail and a budget was created that was fair and manageable.

They took our goals into account, helped us set up a realistic savings goal and a plan to manage debt. So far we are extremely happy with the services offered. If you feel like you’re sinking I would give MyBudget a call.

DaleMyBudget client since 2023

Great support ongoing. Sorted many bills and debts. Small fee for peace of mind and knowing what financial position you’ll be in a twelve month outlook. Able to prioritise what gets paid and when.

BeauMyBudget client

Have been with MyBudget for several years. We have paid off debts, created savings and purchased a home. We have also had numerous great holidays and a quality of life that wouldn’t have happened without MyBudget.

AliMyBudget client

Live your life free from money worries

Initial 10 min chat
Private & confidential
Obligation-free

Your MyBudget journey begins with an initial obligation-free conversation with one of our money experts. They will chat to you about your financial position and gain an understanding of the financial goals you want to achieve.