Car Loans Australia
Private & Commercial Car Loans for New & Used Vehicles
Car Loans Australia :: Articles

What You Can Do Right Now to Relieve Debt Stress

How can I reduce debt stress with simple action steps?

What You Can Do Right Now to Relieve Debt Stress

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

Sign in with Google to rate

0 Comments

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


Car Loans Articles

Top Tips for Australians Navigating the Online Car Market
Top Tips for Australians Navigating the Online Car Market
The Australian automotive landscape has witnessed a significant transformation with the rise of online car sales. The concept of browsing, selecting, and purchasing a vehicle through digital platforms has gained immense popularity, offering consumers a vast array of choices at their fingertips. - read more
The Pros and Cons of Car Loans for Used Vehicles in Australia
The Pros and Cons of Car Loans for Used Vehicles in Australia
With the rising cost of living, many Australians are opting for used vehicles as a cost-effective alternative to brand-new cars. Buying a used car can offer significant savings, reducing the initial financial burden while still providing reliable transportation. - read more
How Credit History Affects Car Loan Approval in Australia
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
Balloon Payments and Residual Values in Car Loans Explained
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
Car Loans for Self-Employed Borrowers in Australia
Car Loans for Self-Employed Borrowers in Australia
Self-employed borrowers can apply for car finance in Australia, but lenders may assess income differently from PAYG employees. This guide explains common document requirements, low doc options, ABN car finance considerations and practical preparation steps. - read more

Finance News

Softer Used-Car Prices Could Shift Finance Decisions
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
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 ASIC’s Car Loan Review Means for Australian Buyers
What ASIC’s Car Loan Review Means for Australian Buyers
23 Jul 2026: Paige Estritori
Australia’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, ASIC’s 24 June 2026 review of motor vehicle finance has put the spotlight on fees, third-party sales channels and borrower outcomes. - read more
What July's Cheapest Car Loan Rates Mean for Australian Buyers
What July's Cheapest Car Loan Rates Mean for Australian Buyers
16 Jul 2026: Paige Estritori
Australian car buyers have a fresh benchmark for what a competitive loan may look like, with Canstar's July 2026 car loan snapshot showing some secured new and near-new car loans advertised from the high five per cent range. For households already juggling fuel, insurance, registration and cost-of-living pressures, that headline number may look appealing. - read more
Luxury Car Tax Thresholds Rise for 2026–27: What It Means for Your Next Car Loan
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
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.

Let's help find your car loan!

Loan Amount:

Postcode:

All quotes are provided obligation-free by a participating broker from our national referral partner network. We respect your Privacy.

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

Knowledgebase
Dividend:
A distribution of a portion of a company's earnings to its shareholders, usually in the form of cash or additional stock.


This website is owned and operated by Clark Family Pty Ltd (ACN 010 281 008) as Trustee for the Clark Family Trust (ABN 35 957 893 714), 43 Larch Street Tallebudgera QLD 4228. Clark Family Pty Ltd is an Authorised Representative (AR 1298860) of Unique Group Broker Services Pty Ltd (AFSL 509434) for financial product referrals and an Authorised Credit Representative (ACR 401491) of Saccasan Pty Ltd (ACL 386297). Check our licensing details on the ASIC registers: Clark Family Pty Ltd ACR, Clark Family Pty Ltd AR, Saccasan Pty Ltd, Unique Group Broker Services.
IMPORTANT: We act solely as an introducer and refer enquiries to licensed third-party brokers, insurers, and lenders. We do not provide financial product advice or credit assistance. We may receive a fee or commission from these third parties in consideration for the referral. Before any action is taken to obtain a product or service referred to by this website, advice should be obtained (from either the third party to whom we refer you or from another qualified intermediary) as to the appropriateness of obtaining those products having regard to your objectives, financial situation and needs. Whilst we have our own process for validating the legitimacy of our referral partners, you should independently verify the credentials and licensing of any adviser or provider you engage. Visit the ASIC website for further information.