Help with
Credit Card Debt

Help with Credit Card Debt

Struggling with Credit Card Debt?

Are you struggling with credit card debt? You’re not alone. Australia’s national credit card bill is around $45 billion, with over two-thirds of that attracting interest. Over half of the adult population has two or more credit cards and more than two-thirds of cards attract an annual interest rate of around 20 per cent. As a nation, we’re spending more than $7 billion a year on credit card interest alone. It’s little surprise that credit cards have become a leading cause of financial stress and hardship.

When you add the pressure of trying to keep up with loan payments and an endless list of bills, it’s easy to see why debt stress is rife. But the fact that you’re here means you’ve taken the first step in doing something about it. We’ve provided the following information to show you that it is possible to ease your way out of debt and achieve your financial goals.

Credit card debt is at epidemic levels

$33.9 billion
Australia's combined credit card balances accruing interest. (, 2014)
2 million
Number of Australians that do not pay off their credit card in full at the end of the month. (, 2014)
31 years
Time it would take to pay off a $4,400 credit card balance making only minimum payments (, 2014)

Is credit card debt causing you stress?

Signs of credit card stress may include:

  • Relying on your credit card to cover everyday expenses
  • Maxing out your credit card
  • You’re unable to pay off your credit card in full at the end of each month
  • Feeling that you are unable to save
  • Regularly incurring late fees and charges on your credit card
  • Using one credit card to pay off another


Money management is a challenge these days, even for high income households.

The world of work and earning has changed since our grandparents’ time. The idea of holding down the same job for 30 years has become out-dated. Housing costs are through the roof and the cost of living eats further and further into incomes. Moreover, life doesn’t always go to plan. Unexpected changes in circumstances can result in financial pressure. The impact of a divorce, illness, the birth of a child or a job loss can seriously impact your financial situation.

Faced with an endless stream of expenses, you may have started relying on your credit card to make ends meet. Perhaps you got caught in a cycle and found that you couldn’t pay off the balance every month - you feel like your debt is snowballing. Don't worry - no matter how big your debt seems, you've got options.

Debt Consolidation, mortgage refinancing, Part IX Debt Agreements, Bankruptcy… There are many options when it comes to companies offering get-out-of-debt solutions. Trying to reduce your debt can be like navigating through a minefield, which is why it’s important to consider your options carefully.

Credit debt consolidation loans

The idea of a debt consolidation loan is to free up cash flow by rolling your consumer debts (credit cards, personal loans, charge cards etc.) into one loan, or your mortgage. Its important to take into account the extra interest you may incur over the entire term of your loan. In the long-run, it may result in a much higher total repayment.

Credit card balance transfers

If you’re disciplined, a balance transfer to a card that offers a low or zero interest “honeymoon” period may be a good opportunity to get back on track. The key is to pay down as much of the balance as you can afford each month before the honeymoon period ends. Keep in mind, that a balance transfer can sometimes keep the debt cycle going. It may just be a Band-Aid measure that masks the underlying causes of credit card reliance.

Insolvency (Part IX Debt Agreements and bankruptcy)

‘Insolvent’ describes a person that doesn’t have enough income and/or assets to repay their debts. Insolvency is a detailed legal process with long-term consequences. There would be a permanent record of your insolvency on the National Personal Insolvency Index and it would affect your ability to access credit for five years.

Pay your way out of debt

Many people can often pay their way out of debt using their existing income. You may be able to pay off your credit card and other debts without taking out new loans or further impacting your credit rating.

At MyBudget we can help you examine your alternatives, so you can make an informed decision about what's best for you.

We begin with a free consultation, where we will examine your finances in detail. We will take into account all of your bills, loans, expenses and current debt—even money you might owe to friends or family members. We deal with complex situations every day and will take the time to sit down and review your situation. It’s a valuable opportunity for you to ask questions in a setting that’s professional, relaxed and confidential. We design only personalised solutions that are tailor-made to get you back on track towards achieving your goals and paying off debt.

By the end of your consultation, you’ll have a clear budget plan that sets out what is achievable. If you do decide to join MyBudget, we can help put your plan into action.

Many of our clients say that MyBudget provides structure and discipline that helps keep them on track.

As well as designing a budget that will enable you to pay off your credit card and loan debt, we can:

  • Prioritise debt and bill payments to optimise your use of income
  • Pay your bills and make loan payments on your behalf (including payments to friends and family)
  • Help to ensure you have enough money for day-to-day living expenses
  • Provide reports and future projections on your progress
  • Set aside your savings for you
  • Handle communications with your creditors, if you would like us to do so
  • Arrange more affordable payment terms with your creditors, if required

What will your goals include once you’ve paid off your credit card? Will you save for a home deposit? Put the money aside for a new car or holiday? No matter what your goals are, MyBudget can help you stay on track.

See how we helped our clients with Credit Card Debt

You could be a MyBudget success story too.

Paul & Gemma, MyBudget clients

"We spent everything we earned and it just meant that when those unforeseen bills came in we were stuck and it meant credit cards, and it meant consolidating credit card on numerous occasions...MyBudget’s helping us achieve stability - something we’ve been trying to get for a long time and we’ve never been able to do it on our own."

Paul & Gemma, 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...I’ve been able to pay off about $25,000 over the last 24 months. It’s been fantastic and that’s something I could never have achieved on my own."

Dan, MyBudget client

Sarah, MyBudget client

“So [after joining MyBudget] 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... sometimes I wish I had called them [MyBudget] three years earlier than what I did. I would definitely recommend their services, it has done wonders for me.”

Sarah, 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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