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.

Car Loans Articles

From Fuel to Finance: A Comprehensive Breakdown of Car Costs

When it comes to owning a car in Australia, many of us view it as a symbol of freedom, an essential convenience, or even a reflection of our personal style. Yet, for all the road trips planned and errands run, the cost of owning a car extends well beyond the sticker price. - read more

5 Strategies for Balancing Your Budget with a New Car Loan

With the excitement of purchasing a new vehicle, the financial responsibilities that come with a new car loan can often be overlooked. Balancing your budget when you have taken on a new car loan is crucial to financial well-being and long-term happiness with your purchase. In this article, we will explore five practical strategies that can help you navigate the common financial challenges that accompany car loans. - read more

5 Critical Steps to Take Before Applying for a Car Loan in Australia

Stepping into the world of auto financing can be as daunting as it is exciting. The commitment of a new car loan demands more than just desiring your dream car; it necessitates a balanced budget and a solid financial plan. Understanding how to prepare before signing on that dotted line is not only wise, it’s imperative for your financial health. - read more

Fixed vs. Variable Interest Rates: Which Car Loan is Right for You?

Purchasing a car is a major financial decision for many Australians, and it often involves securing a loan. With numerous options available, navigating the car loan landscape can be overwhelming. Understanding your choices is essential for finding the loan that best suits your needs. - read more

Your Car Loan Journey: From Application to Approval

In this article, we are embarking on a guided journey that we believe will help immensely in navigating the intricacies of the car loan process. - read more

Finance News

Luxury Car Tax Thresholds Rise for 2026–27: What It Means for Your Next Car Loan

02 Jul 2026: Paige Estritori

Australian buyers shopping for a higher-priced new car have a fresh number to factor into their budget from 1 July 2026, with the Luxury Car Tax thresholds indexed for the 2026–27 financial year. - read more

What the 2026 Car Loan Awards Mean for Australian Buyers

25 Jun 2026: Paige Estritori

The latest 2026 personal and car loan awards from Mozo point to a clear message for Australian motorists: the lowest-cost car finance may not come from the lender you already bank with. The awards assessed hundreds of personal and vehicle loan products across dozens of lenders, with categories covering new car loans, used car loans, secured personal loans, excellent-credit borrowers and green car finance. - read more

RBA Maintains Cash Rate at 4.35% in June 2026 Decision

11 Jun 2026: Paige Estritori

In its June 2026 meeting, the Reserve Bank of Australia (RBA) decided to hold the cash rate steady at 4.35%. This unanimous decision reflects the central bank's cautious approach amid ongoing economic uncertainties and inflationary pressures. - read more

EOFY 2026: Unmissable Ute Deals and Tax Insights

11 Jun 2026: Paige Estritori

As the end of the financial year (EOFY) approaches, Australian car buyers have a unique opportunity to take advantage of significant discounts and tax benefits on utes. Several manufacturers are offering compelling deals, making it an ideal time to consider a new vehicle purchase. - read more

Electric Vehicles Capture 20% of Australian New Car Market in May 2026

04 Jun 2026: Paige Estritori

In May 2026, electric vehicles (EVs) achieved a significant milestone in Australia, accounting for 20% of all new car sales. This marks a substantial increase from previous months and underscores a growing shift towards sustainable transportation options among Australian consumers. - 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.

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

Knowledgebase

Personal Loan:
a loan that is granted for personal use, normally unsecured and granted by a lender on the borrower's integrity and capacity to repay