Understanding Debt Management

Debt management is an essential aspect of financial planning that focuses on helping individuals efficiently handle their debts. This is particularly important for younger Australians as they are more likely to have a number of different debts including Credit Cards, personal/car loans and Hecs. Some younger Australians are also already managing home loan or investment debt.

​

Debt Management involves reviewing the types of debts that are held and developing strategies and solutions to either reduce them, eliminate them completely or effectively manage them. This is very important for many younger Australians as having a handle on their debts will allow them to easily focus on their other goals and building wealth and leading a stress-free life.

​

How Steering Wealth Can Help

At Steering Wealth, we specialise in assisting young Australians with getting a handle on their financial lives and building wealth and achieving their goals. We develop debt management strategies and solutions that are specific to each individual client and their circumstances. Here's how we can help:

​

Comprehensive Financial Assessment

We begin with a thorough assessment of your financial situation, including income, expenses, and existing debts. This helps us create a clear picture of where you stand and identify the best strategies to manage your debt.

​

Debt Reduction Strategies

We will work with you to develop effective debt reduction strategies. These may include consolidating high-interest debts, creating a debt repayment plan, refinancing your debts and other strategies and solutions.

​

Budgeting and Financial Planning

A well-structured budget is crucial for successful debt management. We help you design a realistic budget that prioritises debt repayment while ensuring you can meet your daily needs and save for the future.

​

Guidance on Credit Management

Understanding how to use credit wisely is essential for maintaining financial health. We provide education and advice on how to manage credit cards, loans, and other forms of credit to avoid falling into further debt.

​

The Challenges of Debt

Living with a significant amount of debt can be overwhelming and stressful. It can hinder your ability to save, invest, and achieve long-term financial goals. The burden of debt can impact your quality of life, leading to anxiety and limiting your opportunities for personal and professional growth.

​

At Steering Wealth, we recognise these challenges and are committed to helping you overcome them. With our expert guidance and support, you can take control of your finances, reduce your debt, and pave the way towards a brighter financial future.

​

​

​