Pay off debt
Finding yourself in debt is more common than you think and with some careful steps you can get out of debt. To find out more follow the information below.
Outcome
To know how to pay off my debts
Let's start with why it's important:
- paying of your debts sooner means you will be out of debt quicker and you can pay less money
- you can manage your debts in many ways including a once a month payment a month that covers many of your debts
Information
What is debt?
Debt is when you owe more money than you can afford. A debt can happen in a number of ways: overpayment by Centrelink, owing interest on a number of purchases, borrowing money or from spending more money than you earn.
For video transcript please click here.
Where you are unable to meet your repayments to your credit obligations, you may be experiencing financial difficulty. Financial difficulty may relate to your credit card, home loan or personal loan. The causes of financial difficulty can include sickness, natural disaster, unemployment or over-commitment.
For video transcript please click here.
What to do next
NOTE: As each individuals debt situation is unique, it is best to contact a financial counsellor to help you understand your situation better.
Have debt & need help?
Contact a free and confidential financial counsellor to create a debt payment plan
Use this free web based program to help you work out how much you owe on your loans
Need help with your debts?
National Debt Hotline
1800 007 007
Mob Strong Debt Helpline
1800 808 488
Australian Financial Complaints Authority
1800 931 678
Centrelink - Financial Information Services
132 300
Debt checklist
Complete this checklist to help you manage your debts
More Information & Services
A lot of strong emotions come with having debt. For example, grief, denial, shame, fear, stress, anxiety, and anger. It is important that during this time you take care of your emotional and mental wellbeing.
Here are some organisations that can help:
CALL LIFELINE 13 11 14 (crisis counselling service available 24/7)
CALL MOB STRONG DEBT HELPLINE 1800 808 488 (available 9:30am - 4:30pm except public holidays)
CALL QLIFE 1800 184 527 (available 3pm - midnight everyday for LGBTI peer support)
Youth Central's guide to getting out of debt
Australian Financial Complaints Authority
Where to get help when your bank, lender etc will not accept your financial situation.
All Money
