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Manage Debt
Credit Counsellors Australia


We’ll Help You Better Manage Debt

How do we know this? Well, we’ve helped thousands of Australians to better manage their debts. Regardless of the amount of debt you have accumulated, it’s important to ensure you manage your debt effectively to keep your debt under control and protect your credit rating. Managing debt can be difficult, particularly if your circumstances are prone to change, or you experience instability in income or expenses. However, it doesn’t have to be. We have helped thousands of Australians better manage debt utilising some easy to implement strategies to help keep you in control financially.

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Principles Of Managing Debt

  • Principles Of Managing Debt

    it is incredibly important to make a list of all of your debts, bills, and outstanding obligations including interest, as this helps to form the picture of your current debt position. Knowing this allows you to forecast future payments and ensure you prioritise the portion of your income required to service these debts

  • Create a budget

    once you understand your monthly debt expense (whether fixed or variable), forecast your projected income available to service your debts and prioritise to pay off your debts first. This will help to avoid excessive spending which will only contribute to your debt challenge.

  • Begin with the end in mind

    it’s often difficult to focus on anything other than your unwanted debt. Though, to effectively manage debt it’s important to set goals along the way to ensure you are moving in the right direction. A great way to do this is to ‘begin with the end in mind’, meaning picture the time in the future when you’re free from all unwanted debt. What does that picture look like? Next, work back from there, imagine if you could halve your outstanding debt, etc. Nothing great ever happened over night, be patient, seek help, and stay committed

  • Keep up with your payments

    this seems obvious, and is often easier said than done, however if you’ve completed the above steps, you should be able to reasonably forecast your monthly debt obligations and prioritise payments. Make at least the minimum payment required each month to avoid additional interest and charges.

  • Implement a monthly payments calendar

    this can be a simple but effective tool in ensuring you’re prepared to meet your monthly debt obligations. Tip: Have the calendar accessible, but not on your fridge or somewhere obvious; you get what you focus on in life, if you keep looking and focusing on bills and debt, that’s what you’ll get more of. Rather, focus on the end picture, what does your debt free picture look like? Focus on that!

What’s The Next Step?

For more information on effective strategies and principles to manage debt, contact us today to organise a complimentary debt assessment.

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