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Get your ducks in a row with ME.
Managing debt.
Get your ducks in a row with ME.
Debt can be a dirty word, but with the right tools you can manage your repayments and even get out of debt.
Here you’ll find free videos, tips and other resources to help you manage your debt.
Get the rundown on managing your debt:
- Repaying a home loan
- Debt consolidation
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The best way to repay.
The best way to repay.
One of the most common forms of debt that Australians live with is home loans. According to the ABS, owner-occupier housing makes up 56% of all personal debt in Australia. This episode is all about understanding the best way to repay. With so many home loan options, there is a lot to consider and we’re here to help.
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Delve further into the best ways to repay.
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Getting out of debt.
Getting out of debt.
Although it may not always feel like it, there is always a way to get out of debt. It is really about learning to control three things: fees, charges & interest. Watch this video to learn our tips & tricks to reduce them and help you get out of debt for good.
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Read more on getting out of debt.
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Financial Hardship.
When life gives you lemons, forget the lemonade – get help from your bank.
Hardship help.
Closing your credit card account.
Reduce your credit access to help take control of your finances.
Close credit card.
Rate Rise Hub.
Navigate the interest rate changes and how it will impact you and your debt management strategy.
Visit the rate rise hub.
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What is debt?
*Debt. Huh! What is it good for? Absolutely nothing!* Well, that's not strictly true. Debt can help us to achieve things ahead of time, like going to university and owning a car.
Basically, debt is any amount of money that you borrowed that you need to pay back. From credit cards to personal loans, there are many types of debt. Learn more about debt, watch our video series above.
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How can I get out of debt quickly?
Paying off debt can feel overwhelming. Don't worry, you can get some pointers from ME. Paying off more than the minimum each month can help things move along more quickly.
You can do this with extra consistent repayments. For more information, check out our guide for
how to get out of debt.
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What is the best way to get out of debt?
You can get started by adjusting your budget to free up some cash. Then, think about which debts you will pay off first.
Debt consolidation is also worth considering.
For a breakdown on how to get out of debt, watch the second video in our managing debt mini-series.
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How should I manage debt?
Whether you're repaying a home loan or paying off a credit card, managing debt can be daunting.
Here are a few steps to help you get started:
1. Note down every debt you have.
2. Consider a debt consolidation loan.
3. Pay off as much each month as your finances can handle.
4. Speak to your creditors.
To go deeper on getting out of debt, check out our
tips to help you pay off your debt sooner.
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What is debt consolidation?
Debt consolidation is where you roll your individual outstanding debts (credit card debt, student loans etc.) into one loan.
To help you learn more about this process, we've put together a
guide to debt consolidation. Let ME run you through it.
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What happens if I declare bankruptcy?
When you declare bankruptcy, you must provide details of your debts and finances to a trustee. This trustee can sell your assets (without your permission!) to help you pay your debts. Bankruptcy may sound like an easy way out, but this is a last resort.
To learn more about bankruptcy, read a case study and explore alternative options, watch the video above.
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What happens to debt when you die?
When a person dies, their debt is paid off by the executor (if there is enough money in the estate). If that is not the case, then property is sold and the money from the sale is used to pay the debt.
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