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Paying off your debt

Whether it is few hundred or many thousands, owing money can be stressful, if not managed well. Here are some simple steps to get your started paying off your debt.

Paying off debt can free up cash and let you save a bundle on interest charges. So it’s a worthwhile goal to aim for.

Remember though, not all debt is bad. Your home loan for instance, is funding an asset that will rise in value over time. As long as you can comfortably manage the repayments, this type of debt isn't a problem.

The sort of debt that can land people in financial hot water is high interest debt used to buy here-today-gone-tomorrow purchases. It's this type of debt you need to manage well.

The main point is that you don’t have to live with unnecessary debt. It is possible to become, and stay, debt-free. And with the backing of expert advice, it doesn’t have to be hard.   

Your Mortgage Choice financial adviser can offer a whole range of strategies to help you pay off debt sooner.

Talk to us for simple, effective ways to clear debt and put more of your money to work building wealth.

Tips to pay off debt faster


Develop an action plan to tackle debt – simply hoping it will all work out isn’t a successful strategy.


Take a look at your budget to find savings for additional repayments – paying a bit more on top of the required repayments is the single most effective way to pay off debt sooner.


Review each of your debts to see if you could get a better deal. If you're paying a high interest rate you're behind the eight ball from the start.


Consider a balance transfer for credit card debt – a zero or low interest period can offer breathing space to clear the slate. Just make sure you read the fine print.


Make clearing debts your top priority – trim non-essential spending for a while until you’ve made a dent in outstanding debt.


Weigh up the pros and cons of debt consolidation – folding all your debts into a single, easy to manage loan.

Talk to a Mortgage Choice expert

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