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.
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:
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:
$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).
$1.84 trillion in household debt.
More than half of Australian household debts are made up of mortgage loans.
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:
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:
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.
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.
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.
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.
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:
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.
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.
Relax as we help you implement the right debt solution that works for you.
Stressing less means you can sleep more peacefully at night.
Sticking to a plan can only see your debts decrease over time.
With debts reducing, you may have more money in your pocket.
As debts get paid off, debt collectors and creditors may no longer chase you.
A debt-free future means a more financially secure future.
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.