Debt solutions

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For over 20 years MyBudget has helped 130,000+ Australians fast track their financial goals by reducing their debt and building savings.

For over 20 years MyBudget has helped 130,000+ Australians reduce debt and grow savings.

The majority of MyBudget clients pay off 90% of their unsecured debt in just over 3 years.

Pay your bills and create savings…

Informal debt arrangements
We can make informal debt agreements on your behalf with payment terms that are more affordable for you.
Insolvency arrangements
We can make informal debt agreements on your behalf with payment terms that are more affordable for you.
Pay your way out of debt
Through budgeting, you may be able to pay your way out of debt without needing new loans or credit cards.
Debt consolidation
We can help you explore your debt consolidation options. Save money by combining multiple debts into a single loan.
Credit score
We can help improve your credit score with a budget plan that keeps you on track with your credit and loan payments. On-time payments are a key step in improving your credit score.
We will help you explore all of your options and if needed, we can help to administer your bankruptcy petition.
debt solutions
Megan & Creagh | Clients since 2018

In a snapshot

  • Define your long-term financial goals
  • We’ll then build a budget that can help you achieve this without compromising your lifestyle
  • Build emergency savings to protect against the unexpected
  • Have peace of mind, with more time to spend on the more important things in life.
debt solutions
Despite both having good jobs, MyBudget couple Megan and Creagh, both in their thirties, found themselves drowning in debt.

It wasn’t big lavish expenses that got us into trouble, it was the day-to-day stuff,” Creagh says, “It was easy to roll one credit card into another – it was a never-ending cycle and we needed to break that cycle. ... One year after joining MyBudget, Megan and Creagh had paid off their credit card debt in 10 months (about $60,000 of debt) and the idea of saving for a house was no longer out of reach.

Megan & Creagh Clients since 2018


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.
Will debt collectors still call me and how do you help?
Generally, collection calls begin to stop as we contact your creditors to advise them that we are managing your financial obligations. However, If a creditor or debt collector does call or contact you, ask them for their best contact number and for your account number/reference, and tell them you’ll be calling us to organise for us to contact them – then call us – we’ll sort the rest.
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.
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.
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