Jon
7 years
Caught in a whirlpool of debt?
Life can get downright stressful when you’re caught in a whirlpool of debt.
You may be working hard but are still not able to save anything, if most or all that you earn goes to paying outstanding debts. To keep your head above water you may turn to borrowing, but this only increases what you owe and the interest you need to pay.
Ongoing financial difficulties can lead to stress, headaches, sleepless nights and even family conflicts. The added stress of your creditors knocking at your door, demanding their money can make life pretty miserable.
If you feel like money troubles are causing your bright vision of the future to fade, our debt solutions can help you.
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Maximise your income
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Pay off your outstanding debts sooner
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Keep more money in your pocket
Giving yourself a hard time about being in debt?
You shouldn't. Falling into debt is something that’s extremely easy to do, especially if you don’t have a financial background or any financial counselling. It’s even easier to fall into debt when your life’s plans go off track without any warning.
You may have needed to take out credit or large loans because you have:
- Suddenly lost your job.
- Serious health issues that have put you in bed, unable to work.
- Broken up with your partner. Now your total household income is less than half of what it used to be.
- Increasing rent that's becoming unmanageable.
- A mortgage that just escalated because of an interest rate rise.
If you’re in debt and giving yourself a hard time, just remember you’re not the only one financially stuck and looking for debt solutions.
Across the country, Aussies owe:
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$33.9 billion in combined credit card debt.
These credit card balances are accruing interest, putting Aussies into even more debt (moneysmart.gov.au 2014).
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$1.84 trillion in household debt.
More than half of Australian household debts are made up of mortgage loans.
We’ll help you decide on the best debt solution
At MyBudget, we understand every person’s financial situation is unique. For this reason, every person needs a different debt solution. We can help you determine which debt solution is suitable for your particular financial situation. All you need to do is meet with us. In a free consultation session, we’ll work with you to fully understand:
- Your bills
- Your loans
- Your expenses
- Your current debts
- Your best way forward
Our debt solutions
We have debt solutions for a wide variety of financial situations. We can help you achieve financial fitness and lighten the burden of your debts by:
Helping you create a budget
Getting out of debt and maintaining a healthy financial situation begins with budgeting.
We’ll walk you through the budgeting process to understand your finances better.
Consolidating your debts
If multiple streams of debt are stressing you out, we can help you combine them into one.
You won’t have to think about so many debts and all their different interest rates.
Arranging freezes or payment breaks
We can speak with your creditors to give you a short breather from your payments.
It’ll be a chance to get your finances back on track.
Negotiating payment shifts
We can negotiate with your creditors to give you more time to make repayments.
We’ll help you move due dates to the end of a loan period.
Debt solutions for worst-case scenarios
If you’re unable to pay off debts on time because you’re in too deep, you’re legally defined as insolvent. We know how stressful and overwhelming life can be when you’re insolvent. But if you’re desperate and looking for a debt solution to relieve financial stress, you’re going to need help.
We can help you to:
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Arrange a formal debt agreement
A formal debt agreement lets you pay your creditors a sum you can afford at time intervals that work for everyone.
Entering into such an agreement means creating a legally binding arrangement with your credit providers.
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File for bankruptcy
Putting the legal paperwork together to declare to your creditors that you're unable to afford the repayments on your credit products.
By doing so we’ll be able to help to release you from most of your debts.
While these two acts of insolvency may sound attractive, they’re for worst-case scenarios only. There can be serious consequences and legal ramifications for both these options.
The benefits of our debt solutions
Our debt solutions aim to help you:
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Stress less
Relax as we help you implement the right debt solution that works for you.
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Sleep better
Stressing less means you can sleep more peacefully at night.
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Reduce your bills
Sticking to a plan can only see your debts decrease over time.
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Increase your earnings
With debts reducing, you may have more money in your pocket.
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Escape debt collectors
As debts get paid off, debt collectors and creditors may no longer chase you.
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Look to a brighter future
A debt-free future means a more financially secure future.
Frequently Asked Questions
Short-term debt solutions like payday loans and borrowing cash from family and friends don’t fix the root cause of your debt problems. More often than not, they lead to deeper debt and increased stress levels.
Remember, getting out of debt takes time and dedication.
Since 1999, our team has worked with thousands of creditors across Australia daily to secure better deals for Aussies that are deep in debt. Each year, our team successfully re-negotiates over 4.8 million payments to creditors.
All of our team are debt reduction experts. Our team knows what’s achievable and what isn’t. They’ll work with you and your creditors to develop the debt solutions that work best for you.
Because these creditors know our team manage your payments for you with a workable budget, they’re comfortable negotiating payment terms -- in your favour.
Jon was deep in debt, with maxed out loans and credit cards that seemed impossible to clear. He is now back in control of his finances. Debt are in check, bills are paid and he's saving for a house.