Managing debt.

Get on top of your debts.

Having multiple and sometimes large debts can leave you feeling overwhelmed and stressed by the thought of trying to pay it back.  In reality, whether your debt is small or large it needs to be managed. To give yourself a feeling of control and assist to relieve financial pressure, we’ve got some tips to help you put together a repayment plan.


To get started:

check your utilities
check your interest rates
check your repayments

We have three strategies that might help you.

Pay off the highest interest rate first.

If you have multiple debts, it’s likely that each has its own interest rate. Pay off the debt with the highest interest rate first.

How it works:

  • Sort your debts from the highest interest rate to the lowest interest rate
  • Make the minimum payment on each debt by the payment due date
  • Use any extra cash you have available to pay more off of the debt with the highest interest rate
  • Each time you pay off a debt, concentrate some or all of the payment you were making to repayments on the next debt with the highest interest rate, until all debts are cleared.

Pay off the smallest debt first.

If you have multiple debts, another way you can prevent yourself from feeling overwhelmed is to pay off the smallest debt first.  This can give you a sense of achievement, which motivates you to keep going as the list of owed money starts to decrease.


How it works:

  • Sort your debts from smallest to largest in terms of money owed
  • Make the minimum payment on each debt by the payment due date
  • Use any extra cash you have available to pay more off of your smallest debt
  • Once you have paid off the smallest debt, allocate some or all of your repayments to the next smallest debt. This is called the debt snowball method and can help you pay off your debts much faster. 

Consolidate your loans.

You can also consider consolidating your debts so they are merged into one larger debt, giving you just one repayment and a clearer picture of your repayment path.

Have a chat with one of our lending specialists to see if you could potentially consolidate your debt.


Where to go if you need support?

If the steps above aren’t enough to make ends meet, look for assistance where possible.


Reach out to us and see if we can help you. Of if you think you might fall behind in paying off debt or speak to our Financial Assistance team.



Check out the Government website to help find what services are available for you.


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This information is of a general educational nature only and does not take into consideration the objectives, financial situation or needs of the reader. The information must not be relied upon as financial product advice. You should consider whether any of the products mentioned or suggestions offered are suitable for your circumstances before acquiring or acting on them. Beyond Bank Australia Ltd ABN 15 087 651 143 AFSL/Australian Credit Licence 237 856. © 2020.

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