Getting out of Debt

Maximise your income, pay off your debts and have money in your pocket.

How to get out of debt

Personal debt is at record levels in Australia and hundreds of thousands of people are trying their best to get out of debt. Many find themselves burdened with loans and credit cards they can’t afford. Others are afraid of losing their car, home or other possessions.

Are you tired of living week-to-week or sick of seeing your money lost on fees and interest charges? Have you tried to get out of or avoid debt, but didn't succeed properly? It may even be possible that your previous efforts have deepened your debt situation. It’s not uncommon for debt strategies to backfire, especially if they don’t address the underlying cause of the problem.

Don't be discouraged. The most important thing is that you’re ready to make a change.

You are not alone

Many people struggle with debt

$33.9 Billion
Australia's combined credit card balances accruing interest. (, 2014)
$1.84 Trillion
Total household debt (, 2014)
31 Years
Time it would take to pay off a $4,400 credit card balance making only minimum payments. (, 2014)

Getting out of debt takes commitment, discipline and the right knowledge.

Sounds like hard work, doesn't it? In fact, the hardest part is deciding that you’re ready for change and finding the right people who can guide you through the process.


Hundreds of people ask us this question every month: how do I get out of debt?

There are no easy answers and there are no quick fixes that genuinely work. But the hardest - and most important part - is being ready to change.

The good news is that the rewards of being debt-free far outweigh the sacrifices.

Imagine no more sleepless nights, fighting about money or phone calls from debt collectors — no more scraping by and struggling to make ends meet. You can finally get on with your life.

The process of achieving financial fitness can also be rewarding in its own right. Consider the satisfaction of watching your debt reduce and your savings grow as you gradually achieve your financial goals.

Your aim should not just be to get out of debt, but to take control of your finances once and for all.

Debt usually starts out manageable until something changes in a person’s financial position. Financial stress can be sparked by life-changing events such as a job loss, relationship breakup, sickness - even the welcome arrival of a new child.

For others, debt accumulates gradually until it starts to snowball out of control. Credit cards can make it all-too-easy to lose track of spending or to finance an unaffordable lifestyle.

Without help, it can be very hard to break the debt cycle.

Few people have the right knowledge or experience to get out of debt on their own. It can also be hard to make clear decisions when financial stress is putting pressure on you.

It's important to be aware that there are many different ways to get out of debt.

Some methods will be better suited to your needs than others. In fact, some debt solutions can actually lead to increased debt stress for some people, making them think “how can I get out of debt with no money?”. This is because some debt reduction methods improve cash flow in the short-term, but mask the underlying cause of the problem. For example, we frequently help people who have become reliant on payday loans or cash from family and friends because their credit rating has been damaged by insolvency or a formal debt agreement.

Your aim should be to break the debt cycle as quickly as possible without compromising your long-term outlook.

That’s where we can step in to help you with your debt. We can help you to explore your options so that you can choose a solution that works specifically for you. We do not approach your situation with preconceived ideas or off-the-shelf products.

The only way to break the debt cycle is to gain a thorough understanding of your financial situation and your options.

A detailed, long-range personal budget will show exactly where your money is going, how it could be better utilised and how to best pay off your debt.

Budgeting is the ultimate financial tool — the only way to pay off your debt while working towards sustainable financial goals .

One of our caring personal budgeting professionals will help you to review your finances and design a customised strategy that helps you achieve your financial goals.

Many people assume that they’ll never get out of debt, but we find after doing a detailed analysis that most people can pay their way out of debt without further damaging their credit rating.

Every year, we help thousands of people to negotiate a more suitable terms with their creditors. Our mission is to help you and your creditors develop a win-win solution.

We may be able to help you:

  • Arrange a freeze or payment break while you get your finances back on track
  • Negotiate to shift any outstanding payments to the end of the loan period (also known as ‘capitalising arrears’)
  • Consolidate your debts

No predicament is too big or small for our friendly staff to help you with. The plan we create for you in your initial consultation is free to take home, and there’s no obligation for you to sign up for our services.

Once you have a detailed, long-range, workable budget in place, the next and most important step is sticking to it. That’s why we offer to manage your budget plan for you.

We’ll do the legwork while you relax knowing that your money is being managed by Australia’s budgeting experts.

Our services include:

  • Communicating with creditors and debt collectors on your behalf, if required
  • Paying your bills and making loan payments for you on your behalf
  • Prioritising money for your living expenses
  • Organising your savings for you and providing 12 month progress forecasts
  • Provide reporting that tracks every cent you earn

The benefits for you include maximising your income to pay of your debts more quickly, while also having money in your pocket for the things you need.

Contact us to book your free, no-obligation consultation today. We'll help you design a customised strategy that shows you how to pay off your debt and achieve your financial goals.

See how we have helped others with their Debt

You could be a MyBudget success story too.

Christy & Karl, MyBudget clients

"Before MyBudget I was probably 20 to 30 thousand dollars in debt scattered across maybe six to seven different companies...Not only are we now debt-free, but we are starting to put money aside for things like a holiday or going away again next year...We [are] looking to buy a house down the line."

Christy & Karl, MyBudget clients

Grant & Alisha, MyBudget clients

“Life before MyBudget was very stressful – we didn’t actually do a lot of talking. We had our young son, so most of the time it would have been just me hiding everything from Alisha when it came to our bills and how much money we had in savings. Anything we kind of wanted I would just go and get and by that stage all the savings were gone and that’s when we had to come to MyBudget,”

Grant & Alisha, MyBudget clients

Dan, MyBudget client

“Before MyBudget the debt was really bad, it had gotten to a point where I’d spent too much money on travelling and going out and having a great life and living a lifestyle that really I couldn’t live up to... one day I woke up and went ‘I need to call MyBudget and sort something out’ and once I put something into place it instantly gave me the relief that I needed.”

Dan, MyBudget client

Hear more from our clients

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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