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?

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.

Car Loans Articles

How Credit History Affects Car Loan Approval in Australia

Your credit history can influence whether a lender considers your car loan application, the rate you are offered and the conditions attached to the loan. This guide explains what Australian lenders may look for, how impaired or limited credit history can affect an application, and how to prepare before applying. - read more

Navigating Car Finance: How to Choose a Loan That Works for You

Buying a car is a significant financial decision, and for many, it means exploring the world of car finance. In Australia, the options are plentiful, and understanding them is key to making an informed choice. Car finance can seem daunting, with various loan types, interest rates, and repayment plans to consider. But fear not â€“ a clear understanding of these options can steer you towards a deal that complements your financial circumstances. - read more

How to Compare Car Loans: A Step-by-Step Guide for Australian Buyers

When planning to take out a car loan, it is crucial to start by understanding your budget. Consider how much you can realistically afford to borrow without straining your finances. Assessing your monthly income and expenses will help you arrive at a sensible figure, ensuring you don't overcommit. - read more

Balloon Payments and Residual Values in Car Loans Explained

Balloon payments and residual values can make car loan repayments look more manageable, but they also create an important end-of-term obligation. This guide explains how they work in Australia, how they affect total borrowing costs, and what to check before choosing this type of loan structure. - read more

The Smart Aussie Buyer's Guide to Securing the Best Price on a New Car

There's a unique thrill that comes with purchasing a new car; it's not just about getting from point A to B, but about fulfilling a dream and the freedom of the open road. However, with the excitement comes the need for careful planning and smart decision-making to ensure that your investment pays off in the long term. - read more

Finance News

Green Car Loan Deals Are Growing, But the Fine Print Still Matters

17 Sep 2026: Paige Estritori

Green car finance is becoming a more visible part of Australia’s car loan market, with lenders continuing to promote discounted rates for eligible electric, hybrid and other lower-emission vehicles. For buyers weighing up a new EV, plug-in hybrid or fuel-efficient model, the headline appeal is obvious: a lower rate can reduce the cost of borrowing and may make a higher purchase price feel more manageable. - read more

Why Sharper New-Car Offers Still Need a Loan Check

03 Sep 2026: Paige Estritori

Australia’s new-car market is showing more signs of competition, with recent industry updates pointing to sharper drive-away offers, run-out campaigns and finance-led promotions across selected brands. For buyers, that can make the showroom feel more attractive than it did during the tight-supply years, when wait times and limited stock gave sellers more pricing power. - read more

Softer Used-Car Prices Could Shift Finance Decisions

27 Aug 2026: Paige Estritori

Australia's used-car market appears to be moving into a more balanced phase, with recent industry updates pointing to improved vehicle availability and less pressure on prices across some mainstream segments. That is welcome news for buyers who spent the past few years dealing with limited stock, long new-car wait times and unusually firm second-hand values. - read more

What the Latest RBA Rate Hold Means for Car Buyers

13 Aug 2026: Paige Estritori

The Reserve Bank of Australia's latest decision to leave the cash rate unchanged keeps car buyers in a familiar holding pattern: borrowing costs are not rising sharply, but they are not easing quickly either. For households planning a new or used vehicle purchase, that means the focus should remain on preparation, comparison and affordability rather than waiting for a dramatic rate shift. - read more

What ASICâ€™s Car Loan Review Means for Australian Buyers

23 Jul 2026: Paige Estritori

Australiaâ€™s car finance market is sending buyers two important messages at once. Recent July rate snapshots show some secured car loans advertised from around the mid-five per cent range for strong-credit borrowers, suggesting competition is still alive for well-prepared applicants. At the same time, ASICâ€™s 24 June 2026 review of motor vehicle finance has put the spotlight on fees, third-party sales channels and borrower outcomes. - read more

Click for more Finance News

Need Help Finding a Loan?

Get a free car loan eligibility assessment and compare offers tailored specifically to your circumstances.