No Credit Check :: Articles

How to Get Out of Debt!

What are effective tips for getting out of debt?

How to Get Out of Debt!
If you've found yourself in a position where you're in serious debt and can't think of a way out, here are some valuable tips that, when put into practice, will help you find your way out of trouble.

If you have found yourself in a position where you are in serious debt and cannot think of a way out of the situation, then take a few minutes to read the following tips. Some may seem obvious, but do put them into practise as they will help.

Assuming that you are in a situation whereby your income for example; is $5,000 per month and your expenditure is $7,000.

This is not a good position to find oneself in. A better position would be if you were earning $5,000 per month and your expenditure was only $3,600!!

It is so easy to despair when you encounter your first financial crisis. You're not alone. Many people face a financial crisis some time in their lives.

Debt Stressed?
Image for 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!

Whether the crisis is caused by personal or family illness, the loss of a job, or overspending, it can seem overwhelming. But often, it can be overcome.

The important thing to bear in mind is, not to panic! We have all done it. We have all succumbed to the temptation of freely available credit. We have all signed on the dotted line for items based purely on self-gratification only to regret the decision at a later date.

Of course, once it starts it tends to spiral out of control and you then find yourself in this current predicament.

Take Stock

The first thing you have to do is take stock of your debt.

At this point you should be very realistic with yourself and itemise every expense no matter how trivial it may seem. Most people fail at this hurdle because they lie to themselves about the expenditure.

They conveniently forget about certain items, make excuses about other bills or blame the problem onto someone else. Anything in fact, except facing up to the reality check.

I must stress again, that in order to stop the downward spiral of debt you must be brutal in your approach. If you really cannot face the breakdown of your expenses then get someone you know to help you.

The most obvious first step is to prepare a budget and although it may not be everyone's idea of fun it is nevertheless necessary if you are to take the first step towards overcoming your financial situation.

Have you seriously considered preparing a budget? Not just a mental note but a written exercise taking a long, cold, hard and truthful look at your predicament.

It may sound a very obvious statement to make but the first step toward taking control of your financial situation, is to do a realistic assessment of how much money you earn and how much money you spend.

The operative word here being "realistic."

It may not be pleasant to be so forthright about your own circumstances but if you choose to ignore certain aspects then you are just deceiving yourself and the whole exercise would become a complete waste of your time.

Consider these questions:

  • How many credit cards or debit cards do you have?

Try to reduce the number of credit cards you own and set yourself a monthly expenditure budget. Do not exceed the amount you selected. Rather than have multiple credit cards shop around for the one offering the best rates and transfer over to that card. The less credit cards or debit cards you have the less the temptation to overspend.

  • How many times a week do you go out?

Do you really need to go out clubbing every night of the week? Why not reduce the number of nights out from seven to two or three. You may be pleasantly surprised to find that you can live quite well without going out every night.

  • How much do you spend on cigarettes and drink?

What amount per week do you spend on cigarettes and drink? Quite surprising, isn't it? Why not try to cut down on the amount you smoke and drink not only for the sake of your finances but more importantly for the sake of your health.

  • Do you really need more clothes?

This is a difficult question to answer as we all have different views on style, clothing and fashion. Nevertheless, you need to assess your own circumstances and decide whether that particular item of clothing is absolutely necessary or not. In most cases you will find that it is not as critical as you first thought.

  • Will the car not last another year?

Why change the car now. Will it not last for another year? If you must have a new car this year, does it have to be the top of the range model? You will be pleasantly surprised at how much you can save by not having a few of the latest gadgets added.

  • The weekly shop

Ask yourself, do I really need two shopping trolleys worth of food every week?

We are all obsessed by our weight and yet we all walk out of the supermarket laden with excess and then wonder why we are putting on weight. This in turn means that you will spend more money on fancy diets, get more depressed and end up eating more food! Try to buy less and buy fresh.

There is no magic wand as far as recovering from debt is concerned. It takes time, it can be a struggle but it will be worth it in the end.

Published: Wednesday, 18th Aug 2021
Author: 86


Finance Articles

Top 5 Mistakes That Damage Your Credit Score and How to Avoid Them
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
How to Use Loan Comparison Tools Effectively - A Guide for the Credit-Conscious
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
Loan Hunting with Confidence: How to Check Options Without Credit Damage
Loan Hunting with Confidence: How to Check Options Without Credit Damage
Embarking on the journey to secure a loan can feel like navigating a minefield with your credit score as the prize. It's no secret that your credit score is your financial fingerprint, impacting not just your loan prospects but also the terms you're offered. However, the act of loan hunting itself, if not done carefully, can take a toll on this crucial number. - read more
Navigating Financial Uncertainty: Tips for Managing Money Worries
Navigating Financial Uncertainty: Tips for Managing Money Worries
Financial stress is a common issue that affects a large portion of individuals, often due to unexpected expenses, unemployment, or a high cost of living. It can lead to both mental and emotional strain, influencing one's quality of life and decision-making abilities. Credit scores, a critical measurement of financial health, are used by lenders to evaluate the risk of lending money. - read more
How Your Credit Score Affects Loan Approval and Interest Rates
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
Choosing the Right Loan for Your Personal Needs in Australia
Choosing the Right Loan for Your Personal Needs in Australia
Choosing the right loan can be a pivotal decision in your personal financial journey. In Australia, where a diverse range of loan options is available, selecting the loan that aligns perfectly with your needs is more crucial than ever. A judicious choice can help you fulfill your dreams—be it buying a new home, investing in education, or consolidating debt—while ensuring that the repayments remain manageable and do not lead to financial strain. - read more
Understanding Soft Inquiries: How to Check Loan Options Without Affecting Your Credit Score
Understanding Soft Inquiries: How to Check Loan Options Without Affecting Your Credit Score
Soft inquiries are a type of credit check that does not impact your credit score. These checks occur when you or a company reviews your credit report as part of a background check, pre-approval process, or other non-lending purpose. - read more
How to Create a Budget that Keeps Your Debt in Check
How to Create a Budget that Keeps Your Debt in Check
Managing debt is a cornerstone of financial wellness. Whether it's credit card debt, student loans, or a mortgage, keeping debt in check helps you maintain a healthy financial state. High levels of debt can lead to financial stress, impacting your overall well-being and limiting your ability to save for future goals. - read more
How to Improve Your Financial Health and Secure Loans Effortlessly
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
Effective Debt Management Tips for Young Adults
Effective Debt Management Tips for Young Adults
Managing debt effectively is crucial for young adults, especially as they start building their financial independence. Understanding how to manage debt properly can help you avoid financial pitfalls and set you up for a stable future. - read more

Finance News

APRA Issues New Guidance on Commercial Property Lending Practices
APRA Issues New Guidance on Commercial Property Lending Practices
27 Sep 2025: Paige Estritori
The Australian Prudential Regulation Authority (APRA) has recently provided updated guidance to authorised deposit-taking institutions (ADIs) regarding pre-sales and commercial property lending. This move aims to clarify expectations and support both borrowers and lenders in the commercial property sector. - read more
ASIC Issues Warning to Payday Lenders Over Potential Consumer Protection Breaches
ASIC Issues Warning to Payday Lenders Over Potential Consumer Protection Breaches
27 Sep 2025: Paige Estritori
The Australian Securities and Investments Commission (ASIC) has raised concerns about certain payday lenders potentially breaching consumer protection laws. In a report released on 13 March 2025, ASIC highlighted that some lenders offering small amount credit contracts (SACCs) may be attempting to circumvent regulatory obligations, thereby exposing vulnerable consumers to increased financial risks. - read more
Surge in Private Lending: Opportunities and Risks for Australian Brokers
Surge in Private Lending: Opportunities and Risks for Australian Brokers
27 Sep 2025: Paige Estritori
The Australian financial landscape is witnessing a significant surge in private lending, presenting both opportunities and challenges for brokers. As traditional banks tighten their lending criteria, private lenders are stepping in to fill the gap, offering more flexible funding solutions to small and medium-sized enterprises (SMEs) and individuals with non-conforming credit profiles. - read more
NAB Penalized for Consumer Data Breaches: Implications for Borrowers
NAB Penalized for Consumer Data Breaches: Implications for Borrowers
26 Sep 2025: Paige Estritori
In June 2025, the Australian Competition and Consumer Commission (ACCC) imposed a penalty of A$751,200 (approximately $488,806) on National Australia Bank (NAB) for alleged breaches of the Consumer Data Right (CDR) rules. This marks the highest fine issued for such violations to date. - read more
ASIC Takes Legal Action Against NAB for Financial Hardship Response Delays
ASIC Takes Legal Action Against NAB for Financial Hardship Response Delays
26 Sep 2025: Paige Estritori
In November 2024, the Australian Securities and Investments Commission (ASIC) initiated civil penalty proceedings against National Australia Bank (NAB) for failing to meet legally mandated deadlines in responding to financial hardship applications. Between 2018 and 2023, NAB and its unit AFSH Nominees allegedly did not respond within the required 21-day period to 345 applications from individuals facing severe personal and financial difficulties. - read more
APRA Retains 3% Serviceability Buffer Amid Economic Uncertainty
APRA Retains 3% Serviceability Buffer Amid Economic Uncertainty
26 Sep 2025: Paige Estritori
In November 2024, the Australian Prudential Regulation Authority (APRA) announced its decision to maintain a 3% serviceability buffer for home loan lending. This measure requires lenders to ensure new borrowers can meet loan repayments at an interest rate at least 3% above the current rate. The decision comes amid concerns over high household debt, rising credit growth, and a weakening job market. - read more
Rate Money Offers Competitive Rates for Self-Employed Borrowers
Rate Money Offers Competitive Rates for Self-Employed Borrowers
25 Sep 2025: Paige Estritori
In a bid to support Australia's self-employed community, non-bank lender Rate Money has announced significant reductions in interest rates across its 'Evolve Easy Doc' loan range. Effective June 30, 2025, the new rates start from 6.64% per annum, with the 'Easy Doc One Year' product now available from just 6.09% per annum. Additionally, the company has removed interest-only loading on investment loans, providing further financial relief to borrowers. - read more
Afterpay Users Advised to Close BNPL Accounts to Secure Mortgages
Afterpay Users Advised to Close BNPL Accounts to Secure Mortgages
25 Sep 2025: Paige Estritori
Recent findings have brought to light a concerning trend affecting users of Buy Now, Pay Later (BNPL) services in Australia. A survey conducted by Afterpay revealed that over 10% of its customers were advised to close their BNPL accounts to qualify for a mortgage. Alarmingly, these individuals were subsequently offered credit cards by the same banks or mortgage brokers that recommended the account closures. - read more
Westpac Simplifies Home Loan Applications for Self-Employed Australians
Westpac Simplifies Home Loan Applications for Self-Employed Australians
25 Sep 2025: Paige Estritori
In a significant move to support Australia's growing self-employed workforce, Westpac has announced a streamlined process for home loan applications. Effective immediately, the bank will accept a one-year income assessment from self-employed applicants, reducing the previous requirement of two years' worth of financial documentation. This change aims to expedite the loan approval process and make homeownership more accessible for entrepreneurs and small business owners. - read more

Need Help Finding a Loan?
Find out now if you qualify and compare rates, offers and options from multiple lenders - without a credit check!
Loan Amount:
Postcode:
All finance quotes are provided free and without obligation. We respect your privacy.

Knowledgebase
Balloon Payment.:
A large loan repayment made in order to clear a debt. Usually applied to a short-term fixed-rate loan, which involves small payments for a certain period of time with one large payment for the remaining amount of the principal at a time specified in the future.


Quick Links: | No Credit Check Loans | Personal Loans No Credit Check | Bad Credit Loans | Business Loans No Credit Check | Fast Cash Loans Australia | Unsecured Loans | Guaranteed Approval Loans | Short Term Loans | Emergency Loans | Same Day Loans