Debt solutions

“We were over $40,000 in debt. It felt like a never ending cycle. MyBudget helped us pay off our debt within 2 years.”

Michelle & Phil MyBudget Clients

Get started with a FREE

tailored budget plan

  • 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 by reducing their debt and building savings.

For over 25 years, MyBudget has helped 130,000+ Australians reduce debt and grow savings.

We’ve saved our clients over $2,000,000 in debt arrangements in 2024.

How we can help with debt relief…

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The right debt solutions

We put a debt solutions plan in place based on your needs. We’ll then build a budget that can help you achieve this without compromising your lifestyle.
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Talk to creditors on your behalf

We stop the unwanted phone calls from debt collectors and arrange the best solutions for you, taking away the stress.
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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.
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Improve 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.
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Build emergency savings

We can help you create savings, while eliminating debt, to protect against the unexpected.
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Have peace of mind
Reducing debt stress will allow you to spend more time on the important things in life.

Watch Michelle & Phil’s Story

4 debt busting strategies

Get started with a FREE tailored budget plan

  • 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.

Select a callback time

Debt Solutions FAQs

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.

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

How Michelle and Phil paid off $40k in debt and found financial freedom

Michelle and Phil needed a debt solution, and MyBudget gave them one. Despite having good incomes, every month felt like a stressful juggle of bills, loans, and credit card payments. “We had plenty of money, but we were always robbing Peter to pay Paul,” says Michelle. Their debts totalled over $40,000, spread across credit cards, personal loans, a car loan, and university debt.

The financial stress was constant. Phone calls from creditors added to the anxiety, and minimum payments weren’t making a dent in their debt. “It felt like a never-ending cycle. We were stuck,” Michelle recalls. The needed a solution to manage their debts. Everything changed in 2013 when they decided to call MyBudget.

The turning point: gaining clarity and control with a debt solution

From the moment Michelle and Phil signed up with MyBudget, they felt a sense of relief. Their MyBudget specialist stepped in to negotiate with creditors, automate payments, and design a clear budget tailored to their goals to get out of debt and start saving.

The transformation wasn’t about extreme cutbacks — it was about making their money work smarter. Suddenly, their bills were paid on time, every time, and for the first time, they had visibility over where their money was going.

“Knowing our bills are paid on time and there’s a plan in place has taken so much weight off our shoulders,” says Michelle.

With MyBudget’s system in place, they no longer felt like their money was disappearing. Their goals became clearer, and within just two years, they had ticked off two major achievements: paying down a large chunk of debt and completing a dream kitchen renovation.

The results: debt-free and financially secure

Having our bills paid on time has been life-changing for us,” Michelle says. “It’s taken so much stress off our shoulders and allowed us to focus on what really matters.”

Thanks to MyBudget’s system, emergencies were no longer a financial disaster. When their son was involved in a car accident, MyBudget freed up the funds to cover the insurance excess, giving Michelle and Phil the ability to support their family without financial panic.

A smarter approach to credit card debt

Before MyBudget, credit card debt was one of Michelle and Phil’s biggest challenges. Multiple credit cards meant multiple minimum payments, and their debt wasn’t budging.

With MyBudget’s guidance, they adopted a simpler, smarter approach. Today, they have just one credit card with a $3,000 cap, which they manage with discipline. “Even if we max it out, it’s easy to pay off, and we never let it become a burden,” says Michelle. This shift in thinking helped them avoid falling back into debt.

Setting a financial example for their kids

One of the most rewarding outcomes of their journey has been the impact on their children. Seeing their parents achieve financial freedom inspired Michelle and Phil’s youngest daughter to become one of the best savers in the family.

“She says it’s because, when she was little, she saw us join MyBudget, become financially responsible, and meet our goals,” Michelle shares.

By managing their own money responsibly, Michelle and Phil set an example for their kids that continues to guide them today.

“Life is too short to worry about money”. For Michelle and Phil, financial freedom isn’t just about dollars and cents — it’s about having control, peace of mind, and the ability to help loved ones when it matters most.

“Yes, it’s a service, and you have to pay for it, but it’s worth every cent,” says Michelle. “If you’re struggling, there’s no shame in asking for help. MyBudget turned things around for us.”

Their story shows that financial freedom is possible for anyone with the right system and support. MyBudget gave them the guidance, structure, and confidence to build a brighter financial future — and it can do the same for others.

Ready to take control of your finances?

If you’ve ever felt like you’re juggling bills, paying down debt, and never making progress, Michelle and Phil’s story shows that things can change. MyBudget provides:
  • A personalised debt solution tailored to your goals
  • Support with creditor negotiations so you can stop the calls
  • Automatic payments to ensure bills are always on time
  • Flexibility and financial freedom to live your life stress-free
Your debt-free future is just one call away. Let MyBudget help you create the clarity, structure, and freedom you deserve. Take the first step today.
4 debt busting strategies

Get started with a FREE tailored budget plan

  • 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.

Select a callback time

debt solutions
Michelle & Phil | MyBudget clients

Debt relief in a snapshot

  • Informal debt agreements
    We can make informal debt agreements on your behalf with payment terms that are more affordable for you
  • Debt consolidation
    We can help you explore your debt consolidation options. Save money by combining multiple debts into a single loan
  • Personal insolvency
    We will explore all of your options and if needed, we can help to administer your insolvency arrangements.
Don’t just take our word for it

We’re often featured in many trusted sources

MyBudget have changed our life. We’ve paid off all our debts ($150k+) and started saving for a house. Knowing MyBudget are there to provide advice on my situation has been the biggest relief. I’m not alone, I have somebody in my corner. I recommend MyBudget to anybody wanting guidance on their financial situation.

DaniMyBudget client
We have been with My Budget 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 the My Budget forward planning budget.

AliMyBudget client
I went from being 3 months away from bankruptcy to becoming debt free and having savings put aside.

NateMyBudget client