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Reducing debt

When debt gets unmanageable, it can really get you down - as well as make a serious dent in your finances. The only way to tackle debt is head-on, so here are some tips to help you do just that.

  1. Review your current situation and make a plan. If you’re not sure where to start, talk to your bank, a financial planner or a budget adviser. Our guide on ‘Setting a budget’ can help you get a better picture of your overall financial situation.

  2. Make debt repayments the next priority after your essential living expenses. 

  3. Make sure you don’t pay any extra fees or penalties – start by making the minimum payments due on each debt. 

  4. If it’s easier, pay off just one debt at a time – preferably the one with the highest interest rate. 

  5. It’s worth thinking about bringing all your debts into one loan. You’ll simplify your repayments, and you could save on interest and administration fees. Remember to shop around for the best (low interest) loan available.

  6. If it gets too hard, get help. Your financial institution may be able to change your repayment plan, and a budget adviser may have some good ideas to get you back on track. Visit to find the location of your nearest budget advice service – it’s free and completely confidential.

This material is for information purposes only. Its content is intended to be of a general nature, does not take into account your financial situation or goals, and is not a personalised financial adviser service under the Financial Advisers Act 2008. It is recommended you seek advice from a financial adviser which takes into account your individual circumstances before you acquire a financial product. An ANZ Authorised Financial Adviser will, on request and free of charge, provide you with his or her disclosure statement prepared under the Financial Advisers Act 2008. If you wish to consult one of ANZ's financial advisers, please contact us on 0800 269 296.