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Got a debt problem? Join the club – so do many other Australians. Thankfully, there is a light at the end of the tunnel.


One of the main reasons people fall into debt traps is because they borrow and spend without keeping proper track of their money.


And one of the main reasons people then struggle to escape the trap is because it seems so overwhelming that they don’t know where to begin.


As it turns out, there’s a common solution to both problems – crunching the numbers and making a plan.

Crunch the numbers

Begin by listing all your debts – e.g. credit card, personal loan, car loan, etc.
Then record how much you owe for each of those debts. Don’t guess. Check your online accounts or your most recent statements so you get the correct number.


Now, you understand the scale of the problem.


Next, you need to work out how much money you can throw at the problem.


First, check your payslips to see how much after-tax income you’re earning each month. Second, check your bank statements and credit card statements to see how much money you’re spending each month.

Make a plan

When you crunch the numbers, you might discover you’re spending more than you’re earning. Or maybe you’re breaking even.


Either way, you need to figure out how you can maximise the amount of money coming in and minimise the amount of money going out. For example:

  • Higher income – get a second job, do extra shifts, sell unnecessary possessions
  • Lower expenses – drink less alcohol, eat in more, stop gambling


How much higher do you think you can get your income? How much lower do you think you can get your expenses?


Once you answer those questions, you can move on to the next step – writing down how much money each week or fortnight you can put towards paying off those debts listed above.

Get a debt management professional on your side

So now you know the size of your debt and how quickly you can reduce it.
At this point, you might be tempted to accelerate the process by setting up a Part 9 debt agreement or Part 10 debt agreement.


But debt agreements have consequences, including being listed in the National Personal Insolvency Index (a public register).
So, it might be better to first call Solve My Debt Now to see if you can get your debt cleared another way.


If you’re eligible, the Solve My Debt Now team will negotiate with your creditors with the aim of reducing your debts, reducing, freezing or waiving your interest, and establishing a 3-5 year repayment plan.

Other key points about Solve My Debt Now’s solution:

  • It applies to both secured and unsecured debt
  • There’s no maximum debt limit


Contact Solve My Debt Now for a confidential discussion about your options.

We Can Help You – Today

Book your FREE Consultation now and talk to one of our qualified SMDN Advocates that will help put you back on the road to financial freedom!