How to

reduce debt

How to reduce debt

Everyday life is complex enough, let alone having to deal with the added burden of managing debt. Money troubles can cause stress which in turn, may put relationships under strain, impact work performance - even lead to serious health problems.

That’s why it’s important to have a flexible budget with a debt management plan that allows you to address any issues quickly. It’s not just about taking control of your money and reducing debt; it’s about enjoying life again.

A good debt reduction plan will allow you to repay your debts affordably while still being able to meet your everyday living expenses.

Imagine putting a stop to calls from debt collectors, no more sleepless nights thinking about bills or fighting with your loved ones over your finances.

At MyBudget, we start a savings plan for every client. This gets you on track to breaking that cycle of living on credit, paying off debts and having a safety net to fall back on.

The warning signs

Signs you may need help to reduce debt

Constant worry
Constant worry can lead to sleep and health problems, reducing your quality of life.
Penalties and Charges
Late or missed payments are putting a bigger hole in your pocket because of the late payment penalties and increased interest charged.
Keeping up with bills is getting harder
As debt becomes unmanageable, payments may run late and it becomes impossible to save.

With the right solution in place, you can begin to stop worrying about money and start looking forward to achieving your life goals.


There are many reasons why you might need help with your finances. You may lead a busy life that doesn't give you time to manage your day-to-day debts or small changes to your income. For some people, it takes a while to start feeling the pinch.

Perhaps your debt has been creeping up over time thanks to interest charges, overspending or finding it hard to make ends meet. For others, you may be experiencing financial stress caused by a job loss, illness, separation—even the welcome arrival of a new child can put a strain on your bottom line.

What are some of the warning signs?

  • You don’t know where to start with managing your debt
  • You constantly worry about your finances
  • You feel saving is no longer possible
  • You fight with loved ones about money
  • Keeping up with loan payments is becoming tougher
  • Bills are stacking up and are often overdue
  • You forget about bills you have received
  • You regularly borrow money from family or friends
  • You frequently take out short term loans
  • You often overdraw your account
  • You’ve maxed out your credit card
  • You can’t pay off your credit card in full each month

We understand your situation and our approach is to help you design a debt management solution that helps to relieves your stress and puts you on the path to lifelong financial success.

For many, managing household debt doesn't come easy. What’s the best way to achieve your financial goals? How should you prioritise your bills and expenses? How quickly can you start saving money and get ahead?

You might also be looking for a debt management service to help you. If so, how will you compare the benefits of different companies and their products and approaches?

For a start, a good budget with a debt reduction strategy will address the symptoms and causes of your financial stress.

You want to avoid debt strategies that relieve stress in the short-term, but do nothing to fix the cause of the problem. Some solutions may damage your credit rating for many years. A little homework goes a long way!

Here are some helpful questions to ask when considering debt reduction services:

  • What products and services do you offer?
  • How will this solution affect my future access to credit?
  • Will this solution affect my credit rating?
  • What are the costs?
  • How does your company get paid?
  • Can I cancel, withdraw or get out of my contract?

At MyBudget, we can help you to understand various options and their impact on your situation. Our aim is to analyse your position in detail and examine the alternatives available to you.

The initial budget consultation we offer is completely confidential—simply get in touch with us on 1300 300 922 to request an appointment. By the end of the session, you will have a detailed budget plan that outlines your situation, your options and the next steps.

There’s no obligation for you to join MyBudget—the plan we create for you is yours to keep for free.

What’s the best way to approach creditors? What terms are achievable? What paperwork is involved? These are all questions that MyBudget can answer.

We have a team of dedicated, trained negotiators who specialise in helping people like you secure repayment terms which are affordable and manageable.

In fact, we’ve been helping people with debt since 1999. In the process, we’ve built professional relationships with thousands of creditors across the country. We work with these businesses on a daily basis to secure a better deal for everyday Australians, just like you.

Our staff members know what terms are normally achievable, and will work with you and your creditors to develop a debt solution that suits both of you.

We can often arrange repayment reductions or a break from payments while you get back on your feet. Annually, we successfully renegotiate over 4.8 million payments to creditors on behalf of people experiencing difficulties repaying their debt. More importantly, we aim to do it on terms that our clients can afford. That’s the key—a sustainable plan that will move you forward.

After designing a plan that’s tailored just for you, the next step is to put it into action. This is where many people struggle because work and family commitments leave little time for money management. That’s why we offer to manage your budget on your behalf.

Budgeting is the single most effective way to make sure that you address the cause, not the symptom.

It’s the key to:

  • Developing a detailed picture of your situation
  • Understanding the short and long-term impact of your options
  • Controlling your spending habits
  • Addressing over reliance on credit
  • Achieving your financial goals

Our budgeting experts will show you how to manage debt and start achieving your financial goals.
We can:

  • Prioritise your debt and bill payments to maximise your income
  • Pay bills and loans on your behalf
  • Set aside money for your every day living expenses
  • Provide reports and projections of your progress
  • Manage savings for you (Every budget we prepare includes a saving plan—it’s the best way to break the debt cycle.)
  • Handle communications with your creditors, if you would like us to do so.

Working with MyBudget may also help with your creditors. Most creditors are aware of how we work and are confident to negotiate payment terms in your favour because they understand that we’ll be managing your payments on your behalf. Their confidence comes from knowing that you have a workable budget and a solid team in your corner.

See how we have helped others with Debt

These people were able to pay their way out of debt - you could be a MyBudget success story too.

Karen & Brenton, MyBudget clients

"We were getting phones cut off, electricity was getting disconnected, having to borrow money from in-laws....MyBudget has helped us in so many ways - knowing that someone else would make that phone call to a creditor or just to make the payment arrangements without you having to do it.”

Karen & Brenton, MyBudget clients

Emma & Brian, MyBudget clients

"MyBudget basically structured our money in a way that we could then afford everything...We caught up on some bills that we were behind on. Now basically we don't have to worry about when we get a bill, because we've got money there to pay for everything that we want.”

Emma & Brian, MyBudget clients

Sarah, MyBudget client

"I had two credit cards, both maxed out. I was only able to pay the minimum payments...[Now] both of my credit cards are completely gone. My loan is completely gone, paid off two-and-a-half years earlier than what it was scheduled to by being able to afford to make extra repayments and cutting down the interest.”

Sarah, MyBudget client

Find out more about MyBudget. Speak to us today. 

We can answer your questions and show you how easy it is to get started.

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