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

Finance Articles

How to Use Loan Comparison Tools Effectively - A Guide for the Credit-Conscious

When it comes to securing a loan, the terms you agree to can have a lasting impact on your financial wellness. It's crucial to strike a balance between finding a loan that fits your needs and maintaining a healthy credit score. This delicate equilibrium is where loan comparison tools come into play, serving as navigational aids in the vast sea of credit options. - read more

How Your Credit Score Affects Loan Approval and Interest Rates

Your credit score is a crucial part of your financial health. Essentially, it’s a numerical representation of your creditworthiness, calculated based on your credit history. In Australia, credit scores range from 0 to 1200, with a higher score indicating better creditworthiness. - read more

How to Improve Your Financial Health and Secure Loans Effortlessly

Financial health refers to the state of one's personal financial situation. It encompasses a variety of factors, such as income stability, expenses control, savings, investments, and debt management. - read more

Understanding Soft Credit Checks: Safeguard Your Score During Loan Comparison

When embarking on the journey to secure financing, particularly for significant purchases such as a car, your credit score takes center stage in the eyes of lenders. A credit score is a numerical representation of your creditworthiness, derived from your financial history and behaviors. It wields substantial influence on your ability to acquire loans with favorable terms. - read more

How to Use Credit Cards Wisely to Enhance Your Credit Score

Your credit score is more than just a number; it's a reflection of your financial health. Essentially, it’s a numerical expression that represents your creditworthiness. Lenders use this score to assess the level of risk involved in lending you money. - read more

Understanding Your Credit Footprint: Borrowing Strategies to Keep Your Score Intact

Understanding the mechanics behind credit scores is pivotal for anyone navigating the intricate world of finance. A strong credit score does not only unlock the gates to a plethora of borrowing options but also secures favorable interest rates, which can save you a substantial amount of money over time. It acts as a financial passport, one that enables you to achieve milestones such as purchasing a home or car with ease. - read more

Steps to Take Immediately During a Financial Crisis: A Credit-Friendly Approach

A financial crisis can come in many forms, such as a job loss, unexpected medical bills, or an economic downturn. These events can drastically alter your financial stability and may lead to financial distress. - read more

Understanding No-Credit-Check Loans: A Lifeline for Managing Financial Stress Wisely

Financial stress can feel like an unstoppable force, a cycle of worry that impacts not only our peace of mind but also our fiscal health. It represents the anxiety and pressure associated with the inability to meet financial obligations, be it due to unforeseen expenses, unemployment, or a plethora of other reasons. - read more

Top 5 Mistakes That Damage Your Credit Score and How to Avoid Them

Maintaining a healthy credit score is crucial for anyone looking to secure their financial future. A good credit score can open doors to better loan rates, more favourable credit card terms, and even housing opportunities. It's something that impacts many major financial decisions you make in life. Without a solid score, you might end up paying more in interest and find it harder to get approval for the things you really need. - read more

The Importance of an Emergency Fund: A Guide for Families

Let's dive into the essential topic of emergency funds. An emergency fund is a stash of money set aside to cover the financial surprises life throws your way. These unexpected events can include sudden unplanned repairs, medical emergencies, or job loss. - read more

Finance News

APRA Implements Cap on High Debt-to-Income Home Loans

16 Dec 2025: Paige Estritori

The Australian Prudential Regulation Authority (APRA) has announced a significant policy change to address emerging risks in the housing market. Effective February 2026, APRA will impose a cap on high debt-to-income (DTI) home loans, limiting such loans to 20% of new home lending portfolios. This proactive measure aims to curb potential financial instability arising from escalating property prices and increased credit growth. - read more

Australian Banks Tighten Policies on Trust and Company Lending

16 Dec 2025: Paige Estritori

In response to emerging regulatory concerns, two of Australia's major lenders, Macquarie Bank and the Commonwealth Bank of Australia (CBA), have introduced new restrictions on lending to trusts and companies. - read more

APRA Implements Cap on High DTI Home Loans to Address Housing Market Concerns

08 Dec 2025: Paige Estritori

The Australian Prudential Regulation Authority (APRA) has announced a significant policy change aimed at mitigating risks in the housing market. Effective February 2026, APRA will impose a cap on high debt-to-income (DTI) home loans, limiting such loans to 20% of new home lending portfolios. This measure is designed to address concerns over escalating property prices and the potential for financial instability. - read more

Commonwealth Bank Raises Alarm Over Surging Home Loan Demand

08 Dec 2025: Paige Estritori

The Commonwealth Bank of Australia (CBA), the nation's largest lender, has voiced concerns over the current surge in home loan demand, suggesting it may be contributing to escalating property prices and potential financial instability. CEO Matt Comyn emphasized that while the bank benefits from increased housing credit, a more moderate growth rate would better support long-term financial stability and housing market accessibility. - read more

Major Australian Banks Reduce Dependence on Mortgage Brokers

08 Dec 2025: Paige Estritori

Australia's 'Big Four' banks—Commonwealth Bank of Australia (CBA), National Australia Bank (NAB), Westpac, and ANZ—are strategically reducing their reliance on mortgage brokers in response to squeezed profit margins resulting from lower interest rates, rising operational costs, and intense market competition. Currently, mortgage brokers account for approximately 80% of new home loans in Australia, a significant increase from 50% six years ago. However, banks are now focusing on more profitable, in-house mortgage origination channels. - read more

Australian Housing Market Forecast: 7% Price Increase Expected in 2026

30 Nov 2025: Paige Estritori

Recent analyses indicate that Australian home prices are set to rise by approximately 7% in 2026, an upward revision from earlier projections of 5.6%. This anticipated growth is primarily attributed to a constrained housing supply coupled with resilient demand, particularly in major urban centres such as Sydney, Melbourne, Brisbane, Adelaide, and Perth. - read more

Australian Stock Market Achieves 10% Growth in Financial Year 2025 Amid Global Challenges

30 Nov 2025: Paige Estritori

The Australian stock market has demonstrated remarkable resilience, with the S&P/ASX 200 index recording a 10.2% gain over the 2025 financial year. This performance comes despite a backdrop of global economic uncertainties, including geopolitical tensions and fluctuating commodity prices. - read more

Commonwealth Bank Raises Alarm Over Surging Home Loan Demand

22 Nov 2025: Paige Estritori

The Commonwealth Bank of Australia (CBA), the nation's largest lender, has expressed concerns about the current surge in home loan demand, suggesting it may be contributing to escalating property prices and potential financial instability. CEO Matt Comyn emphasized that while the bank benefits from increased housing credit, a more moderate growth rate would better support long-term financial stability and housing market accessibility. - read more

Westpac's RAMS Financial Group Penalized for Home Loan Misconduct

22 Nov 2025: Paige Estritori

RAMS Financial Group, a subsidiary of Westpac Banking Corporation, has been fined A$20 million by Australia's Federal Court for serious misconduct in its home loan practices between June 2019 and April 2023. The Australian Securities and Investments Commission (ASIC) initiated the lawsuit, citing issues such as the use of falsified payslips to approve loans, engagement with unlicensed mortgage referrers, and inadequate oversight mechanisms. - read more

Australia's Major Banks Reducing Dependence on Mortgage Brokers

22 Nov 2025: Paige Estritori

Australia's 'Big Four' banks—Commonwealth Bank of Australia (CBA), Westpac, National Australia Bank (NAB), and ANZ—are strategically reducing their reliance on mortgage brokers in response to squeezed profit margins resulting from lower interest rates, rising operational costs, and intense market competition. Currently, mortgage brokers account for approximately 80% of new home loans in Australia, a significant increase from 50% six years ago. However, banks are now focusing on more profitable, in-house mortgage origination channels. - read more

Click for more Finance News

Need Help Finding a Loan?

Find out now if you qualify and compare rates, offers and options from multiple lenders - without a credit check!

All finance quotes are provided free and without obligation. We respect your privacy.

Knowledgebase

Prime Rate:
The interest rate that commercial banks charge their most creditworthy customers.