Effective Steps to Relieve Debt Stress Quickly and Easily

What You Can Do Right Now to Relieve Debt Stress

How can I reduce debt stress with simple action steps?

The information on this website is general in nature and does not take into account your objectives, financial situation, or needs. Consider seeking personal advice from a licensed adviser before acting on any information.

The key to solving debt problems is to take the simple action steps outlined in this article. It's not rocket science, it almost seems too simple. So, what's the plan?

In just 10 minutes time you can have a sense of relief and empowerment by taking the first two steps away from debt and towards wealth.

Taking positive action to address a problem is a big part of the solution. This positive action is the only way to experience the power of the secret key to wealth creation.

The key is found in step three and four. But you must do step one and two to get there!

Step one: Know your exact debt position

Write a list of all your debts, credit cards, personal loans, car loans, store cards etc.

Why is this important?

Debt Stressed?

If you're struggling to pay your debts and covering living expenses, we're here to help. Through our national panel of Debt Management specialists, we can help customers with $10k or more in debt by consolidating your existing loans, stopping Debt collectors from contacting you and re-negotiating repayments on your terms!

... start your free debt analysis ...

This allows you to see the facts and stops the emotional roller coaster of fears and anxiety of the unknown. We actually feel better when we see the problem.

An example of a good debt list. Simple clear and easy to see the facts.

Write the following headings across the page and fill in the details under the headings.

Bank/Lender
Bank limit
Balance
Interest rate.
Monthly payment

You will need two balances to be able to complete the steps. The other information is so that you have a clear picture on your present situation. You now have very valuable information in two of the columns.

The total outstanding balance on all loans.
Total monthly loan repayment.

Step two: Get a quote for a consolidation loan through a Mortgage Broker. (Not the bank)

Why is it important to use a Mortgage Broker?

This eliminates dealing with your problems in a hostile environment. The Bank Office.

A broker can give you the options and take the steps towards fixing the problem. This is a great confidence builder.

Tip, if you go to the bank they will sell you what they want you to have, not necessarily what's good for you. A Mortgage Broker will ascertain if you need a personal loan or a refinance of your mortgage.

The principle is the same with either your mortgage or a secured or unsecured personal loan. The Mortgage Broker will provide a complete summary of the proposed loan.

Amount to be borrowed.
Name of lender
All loan fees,
Loan interest rate.
Loan monthly payments.
Term of the loan.
Restrictions or costs on early repayment, extra monthly payments.

Step three: Do this confidence builder, gain control of the future

So few people do this next step and never get near to the key and so waste the opportunity to create real wealth.

You may not see why you should do this but in six months you will look back and see it as a major turning point in your life.

Calculate the consolidated loan surplus.

This is the difference between your old monthly loan repayments and the new monthly loan repayment, on the outstanding balance .

Lets assume that your debt consolidated surplus is $190. Now you can make a quality decision based on the facts.

Step four: Take control, tell the broker and the lender what you are going to do.

This step is vitally important and will change the way you see debt, wealth creation and your future forever.

This is the key. Insist the $190 surplus is added to the normal monthly repayment that you would have been quoted by the broker. If they resist, ensure you deposit the $190 into the loan on the same day as the loan repayment.

They may want to charge you a transaction fee for this.

A no fee mortgage or personal loan is so important . The banks want to take savings on your loan through fees, denying you the full power of the secret key.

Step five: Be part of the few who are creating wealth every month in their lives by eliminating debt

By adding your consolidated surplus to the quoted monthly fee will have an amazing impact on the time it will take to pay your original debt on the credit cards and personal loans.

Your broker will take you through the actual amounts but with the consolidated surplus added you will pay it off in half the time and if you add another $200 it will take half the time again.

The amount of time you spend with a broker will greatly motivate you to move forward in the process of wealth creation.

A good exercise to keep you focused is to say to yourself repeatedly, " every dollar I put into the loan over and above the minimum repayment is a dollar in wealth I have created".

This is the Secret Key of Wealth Creation. So take action now; contact a Mortgage Broker for help in the process.

Published: Sunday, 1st Aug 2021
Author: 150

Rate this article

0 Comments

No comments yet. Be the first to share your thoughts.

Business Loans Articles

The Role of Refinancing in Sustaining Business Growth

Loan refinancing is a financial strategy where existing debts are replaced with new ones, usually with different terms and conditions. While it might seem like just swapping one loan for another, the nuances can be game-changers for businesses. Refinancing often provides a chance to improve borrowing conditions, such as reducing interest rates, altering loan durations, or switching to a more favourable lender. - read more

The Ultimate Checklist for Applying for a Business Loan in Australia

Welcome to the world of boating! Whether you've just bought your first boat or are considering making a purchase, it's essential to understand the importance of regular maintenance. Proper upkeep not only extends the life of your boat but also ensures safety while out on the water. - read more

Understanding the Essential Documents Needed for a Successful Loan Application

When it comes to applying for a loan, having the right documents is crucial. Whether you're looking to buy a home, start a new business, or refinance an existing loan, documentation can make or break your application. It serves as evidence of your financial health, providing lenders with a clear picture of your ability to repay the loan. - read more

How to Improve Your Credit Score Before Applying for a Business Loan

Your credit score is a crucial factor that lenders examine when you apply for a loan. It acts as a numerical representation of your creditworthiness, helping lenders to determine the risk involved in offering you a loan. Essentially, it helps them predict your ability to repay the loan based on your past financial behaviour. - read more

Customized Leasing Solutions: Finding the Right Terms for Your Business Needs

Equipment leasing presents a strategic financial opportunity for Australian businesses seeking to maximize operational efficiency without the hefty price tag of purchasing. As many companies strive to stay competitive and agile in a bustling economic landscape, the importance of flexible asset acquisition cannot be understated. - read more

Drawing a Roadmap: Effective Planning for Business Loan Utilization in Australia

Effective planning is the backbone of any thriving business, and when it comes to leveraging financial products like business loans, this foresight becomes even more crucial. In the dynamic economic landscape of Australia, businesses are continually walking a tightrope, balancing investment, growth, and financial stability. The importance of prudent and strategic planning for business loan utilization cannot be overstated; it can mean the difference between a flourishing enterprise and one that struggles to keep its head above water. - read more

Unlocking Cash Flow: How Equipment Leasing Can Benefit Your Australian Business

In the ever-evolving landscape of Australian business, equipment leasing has emerged as a pivotal financial tool for companies across the spectrum. Whether you're a small start-up or a well-established corporation, the agility to pivot and adapt to market changes is critical. This introduction seeks to shed light on the concept of equipment leasing and its significance in bolstering the operational efficiency of Australian businesses. - read more

Finance News

Non-Bank Lenders Advocate for Inclusion in Economic Resilience Program

09 Jun 2026: Paige Estritori

Non-bank lenders are urging the Australian government to include them in the $1 billion Economic Resilience Program, emphasizing their crucial role in providing financing to small and medium-sized enterprises (SMEs). This program aims to bolster businesses affected by economic challenges, and non-bank lenders argue that their participation would enhance the program's effectiveness. - read more

Brokers Adapt Strategies Amid Shifting Commercial Finance Landscape

09 Jun 2026: Paige Estritori

As the commercial finance landscape in Australia undergoes significant changes, brokers are adapting their strategies to better serve small and medium-sized enterprises (SMEs). Rising costs, regulatory shifts, and evolving economic conditions are prompting brokers to refine their approaches to meet the diverse financing needs of businesses. - read more

RBA's Third Rate Hike in 2026: Implications for Australian Businesses

25 May 2026: Paige Estritori

The Reserve Bank of Australia (RBA) has raised the official cash rate by 0.25 percentage points to 4.35% on 5 May 2026, marking the third increase this year. This decision aims to address escalating inflationary pressures affecting the Australian economy. - read more

High-Risk SMEs Escalate Search for Financing Amid Stricter Lending Criteria

25 May 2026: Paige Estritori

Recent data indicates a notable trend among high-risk small businesses in Australia: an increase in 'credit shopping,' where these enterprises apply to multiple lenders in pursuit of financing. This behaviour has become more prevalent as overall business credit demand has softened, with a marginal decline of 0.4% in the first quarter of 2026. - read more

Westpac's Resilient Performance: A$3.4 Billion Profit in Challenging Economic Times

25 May 2026: Paige Estritori

Westpac Banking Corporation has reported a statutory net profit of A$3.4 billion for the half-year ending 31 March 2026. This performance underscores the bank's resilience amid a shifting economic landscape marked by rising interest rates and global uncertainties. - read more

MYOB and Mastercard Introduce Open Banking for Australian SMEs

17 May 2026: Paige Estritori

In a significant development for Australian small and medium-sized enterprises (SMEs), MYOB has partnered with Mastercard to roll out Open Banking capabilities. This initiative aims to provide SMEs with faster, safer, and more reliable bank connections, streamlining financial management processes. - read more

ScotPac Partners with UBS to Boost SME Funding Capacity

17 May 2026: Paige Estritori

ScotPac, Australia's largest non-bank business lender, has announced a new warehouse facility agreement with UBS AG Australia Branch. This strategic partnership aims to strengthen and diversify ScotPac's funding platform, enabling the provision of innovative financing solutions to small and medium-sized enterprises (SMEs) across the country. - read more

Click for more Finance News

Need Help Finding a Loan?

All finance quotes are provided free (via our secure server) and without obligation.
We respect your privacy.

Knowledgebase

Debt Consolidation:
Debt consolidation usually involves negotiating a new loan to pay other existing loans in order to get more favourable interest rates and terms.