Debt management advice & planning

Debt is easy to build up and hard to pay off, but with the help of an expert financial adviser on your side, it can be done.

Your FinChoice financial adviser is a money expert who can develop debt-reduction strategies tailored to your circumstances. It doesn’t have to mean living on next to nothing until you’ve made headway with debt – it’s all about smart use of your money.

Not all debt is bad

Remember though, not all debt is bad. Your home loan, for instance, is funding an asset that will rise in value over time. As long as you can comfortably manage the repayments, this type of debt isn't a problem and can actually help you accumulate more wealth long-term when managed appropriately.

The sort of debt that can land people in financial hot water is high interest debt used to buy here-today-gone-tomorrow purchases. It's this type of debt you need to avoid or manage well.

The main point is that you don’t have to live with unnecessary debt. It is possible to become, and stay, debt-free. And with the backing of safe debt management advice from experts, it doesn’t have to be hard.

Here's how we can help

Develop a plan of attack

Clearing your debts calls for a clear plan of action.

We start by looking at each of your debts to understand the rate you’re paying. If you’re paying an over the top rate it’s a lot harder to clear the balance. We can help you refinance your debts or consolidate multiple balances into a single loan to save on interest costs.

It can free up more cash to help eliminate debt.

Review your budget for spare cash

We’ll work with you to develop a realistic budget. It can show where you are spending, where you can cutback, and where you can save by getting a better deal.

It all adds up to more money to reduce your debts.

A roadmap to become debt free

There is a range of options to dig your way out of debt, and we can crunch the numbers to determine which approach is most effective for you.

It’s not about throwing yourself into repayments, it’s about developing a smart plan. As a guide, we can list your debts according to the interest rate, help you concentrate on paying off those debts sitting at the top of the list, and guide you through the process of clearing each remaining debt. It’s a strategy that can deliver significant savings on interest costs.

Don’t be discouraged

If you’re facing unmanageable debt it can be easy to be discouraged by balances declining at a snail’s pace. Your FinChoiceChoice Financial Adviser is like a money mentor who can keep you motivated. We’ll be there to help you stay on track and develop a tailored debt management plan for you.

Tips to pay off your debt faster

Develop a debt management action plan to tackle debt – simply hoping it will all work out isn’t a successful strategy.

Make clearing debts your top priority – take a look at your budget to find savings for additional repayments or trim non-essential spending for a while until you’ve made a dent in outstanding debt.

Review each of your debts to see if you could get a better deal. If you're paying a high interest rate you're behind the eight ball from the start.

Consider a balance transfer for credit card debt – a zero or low interest period can offer breathing space to clear the slate. Just make sure you read the fine print.

Weigh up the pros and cons of debt consolidation – folding all your debts into a single, easy to manage loan.

Like many Australians you could have several debts – probably a home loan, a personal loan, and possibly even a credit card balance. Having multiple debts means juggling lots of different repayments.

Your FinChoice financial adviser can recommend the best strategy to consolidate debts for your situation and then work with your Mortgage Choice broker to action the strategy you have selected.

With your debt consolidated into a single loan, you can start to focus on making a single monthly payment and reduce your overall interest, which can be far less stressful than juggling a number of repayments.