In Australia, a healthy level of debt is considered a good thing. Managed well it can help you achieve financial and personal goals, like home ownership or a new car. However, when your debt gets out of hand and you find yourself juggling multiple cards and loans, it can be exhausting.
If this sounds familiar, there are actions you can take to rein in your debt and pay it off sooner.
Debt consolidation is one option. There are also free advice resources available. Debt consolidation could help you to combine your outstanding debts into one convenient loan potentially at a lower rate than you currently pay. To take control of your debt it is essential to know how much debt you have.
Review your statements and work out the following:. You can use our Budget Planner to work out how much you can realistically afford to repay each month. A personal loan can be a good option to consolidate a range of debts. The main benefit of a personal loan is that it has a fixed term. That means repayments Consolidating credit card debt australia calculated so that at the end of the loan period your debt is cleared.
Read more about our personal loans. This is generally the best option for consolidating credit card debt. By transferring multiple balances from non-Westpac credit cards or store cards into one low rate credit card you can potentially:. This option requires good discipline as there is no set repayment amount.