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5 Strategies For Dealing With Your Debt

Debt keeps too many Australians awake at night. It’s a common source of anxiety, stress, and health problems, and could be preventing you from achieving your financial goals while damaging your overall quality of life. If debt has been weighing you down for too long, it’s time to make a change. There are ways to handle debt that won’t force you to part with the things you love or give up the lifestyle you’re used to leading. Follow these debt-reduction strategies to enter a new phase of financial growth.





1.  Ask for help. Many people feel that they have to suffer in silence when it comes to economic hardship. While you may feel awkward speaking openly about money, it’s crucial to get a knowledgeable adviser on board to help you work through your debt problems and financial goals. The experts at Think Money Australia are here to do just that. They’ll meet with you to go over all the details and help you come up with a smart, informed strategy for reducing your debt and rebuilding your wealth.

2.  Take a close look at your budget. Alongside consultations with a specialist debt and wealth adviser, you’ll need to conduct a thorough assessment of your budget and expenses. This can be uncomfortable when you’ve been struggling with debt and financial difficulties for some time, but it’s a necessary step in order to cement your repayment goals and manage your money effectively. Sort through your expenses and separate the essential, set in stone costs like your mortgage and car payments from the unnecessary extra expenses that may be quickly adding up and eating into your finances.

3.  Prioritise your debts. Financial advisers, as well as everyday people dealing with debt, often have a particular preference when it comes to debt repayment strategies. This will vary depending on your personal circumstances, but will involve prioritising your debts in order of importance for repayment. Would you rather pay off the high interest debts first to get them out of the way, or start small? Are there particular debts that have more urgency, like your mortgage? Consider these factors carefully before you begin your repayment plan.

4.  Lower your expenses. Some people wrongly believe that they have to cut all of their ‘luxuries’ when faced with debt that they’re struggling to repay. This often isn’t the case. Many of your monthly household bills could probably be reduced with some smart shopping around for new quotes from various service providers. Do some research and look for better deals on your utilities and household bills.

5.  Don’t settle too quickly. If you’re looking to consolidate your debt with a loan or credit card, take your time and read all of the small print before you make any snap decisions. Some debt consolidation schemes could end up costing you over the long-term or damaging your credit score. Speak to your wealth adviser and be open to advice before you jump at the opportunity to take on a new loan. There are various repayment structures available from a range of different banks and lenders, and they’re certainly not all created equally. Your Think Money adviser will be able to help you track down the right consolidation solution for your personal needs.

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