Debt help in Australia: what your options are, what MyBudget does, and where to get free advice

If repayments, overdue bills or creditor calls have become hard to manage, there are more options than most people realise — and they are not all paid ones. This page sets out what is available, what MyBudget actually does, and the free alternatives you should know about first.

MyBudget has helped more than 130,000 Australians since 1999. In its 2026 client survey of 741 respondents, 9 in 10 clients reported less financial stress.

Start with the free options

Before any paid service, the Australian Government funds the National Debt Helpline on 1800 007 007, which provides free, independent and confidential financial counselling. ASIC’s MoneySmart website publishes free, government-backed guidance on every formal debt option.

MyBudget’s own debt-agreement page says the same thing. Speaking to anyone, including MyBudget, does not commit you to a course of action.

What the realistic options actually are

A structured budget

Often the first and least drastic step: map every bill, living cost and repayment across twelve months so debts reduce on a schedule you can sustain. No new borrowing, no credit file impact.

Informal creditor arrangements

Negotiating directly with your banks and creditors for manageable repayments or reduced interest. Creditors are obliged to consider financial hardship arrangements.

Debt consolidation

Combining eligible unsecured debts into a single loan. It can simplify repayments and reduce cost — but not automatically. Stretching a debt over a longer term lowers the monthly figure while increasing the total, and secured consolidation puts an asset at risk.

A Part 9 debt agreement

A formal insolvency arrangement under the Bankruptcy Act, lodged with AFSA. It is recorded on your credit report for at least five years and listed on the public National Personal Insolvency Index. A significant step with long-term consequences.

A Personal Insolvency Agreement (Part X)

A separate formal arrangement in which a trustee offers to repay part or all of your debts. In some cases you may keep assets that could be at risk in bankruptcy. It is not bankruptcy.

Bankruptcy

The last formal option, carrying the heaviest consequences: a trustee may sell assets, you need permission to travel overseas, income contributions apply above set thresholds, and you cannot be a company director without court approval.

What MyBudget does, specifically

MyBudget does not lend you money and does not make debt disappear. It builds a realistic 12-month budget mapping your income, bills, living costs and repayments together, so debt reduces without the electricity bill quietly falling over in the process.

• Creditor negotiation — contacting your banks and creditors to seek manageable repayments or reduced interest, which also stops the constant calls
• Credit card debt — targeting the most expensive debt within a budget you can sustain
• Debt consolidation — explored honestly, including when it is the wrong answer
• Debt agreements — explained, with referral to a registered administrator where suitable
• Bankruptcy guidance — help assembling paperwork and building a clean budget for the other side
• Automated bills and repayments — so due dates stop being something you track

Service scope and advice

MyBudget provides budgeting, debt help and money management support. For advice about investments, superannuation, insurance or other financial products, check the relevant provider’s current disclosures and the scope of its advice.

Not a lender. A MyBudget plan is not a loan. Lending is separate, through MyBudget Loans.

Not a registered debt agreement administrator. Where a Part 9 agreement appears suitable, MyBudget refers you to its sister company MyDebtSolutions, which is registered and would assess eligibility, explain fees and consequences, prepare the proposal and lodge it with AFSA.

What it costs

The first appointment and your personalised 12-month budget are free, and the budget is yours to keep. If you join, an establishment fee is spread across your initial 12-month budget, plus an ongoing weekly administration fee — both shown in your proposed budget before you join. No hidden costs, no long-term lock-in contracts.

What a real outcome looked like

Kim and Bob, a family of six from Queensland living on one income, had $28,000 across 12 debts — credit cards, a tax debt and household bills — while facing eviction, power disconnection and Bob’s cancer diagnosis. They had already been declined for consolidation loans elsewhere. They paid it off in 13 months and remain clients more than 16 years later.

Questions about debt help

What debt solutions does MyBudget offer?

MyBudget offers personalised debt help through budgeting, repayment planning, creditor negotiation and ongoing support from a team of money experts. Depending on your circumstances, we can also help you explore options such as debt consolidation or debt agreements. If no other suitable options are available, we can also guide you through the bankruptcy process. Our goal is to help you understand your options and find a practical way to regain control.

Can MyBudget help reduce debt collector calls?

Yes, MyBudget can contact your creditors and let them know you are receiving help with your debts. We can discuss your financial situation, work towards manageable repayment arrangements and ask creditors to contact us on your behalf. While some contact may still occur, having a team supporting you can help reduce the pressure of dealing with debt collectors on your own.

Can MyBudget help if I have multiple debts?

Yes, MyBudget can help you manage multiple debts by organising your repayments, bills and everyday expenses into one personalised budget. This may include credit cards, personal loans, overdue bills and other financial commitments. We work with you to prioritise repayments, stay on top of due dates and reduce debt without losing sight of your other financial goals.

What if my debt repayments are more than I can afford?

If your debt repayments are more than you can afford, MyBudget can review your income, expenses and existing financial commitments to identify a more manageable approach. We can help prioritise essential bills, explore suitable debt solutions and, where possible, negotiate repayment arrangements with your creditors. The aim is to ease immediate financial pressure while creating a practical path towards reducing your debt.

Can I get debt help without taking out another loan?

Yes, it may be possible to reduce debt without taking out another loan. MyBudget can help you organise your finances, prioritise repayments and create a personalised budget that supports your existing commitments. Where appropriate, we can also communicate with creditors about more manageable arrangements. This approach can help you work towards debt relief without relying on additional credit.

Can MyBudget tell me when I will be debt free?

Yes, MyBudget can estimate when you could become debt free based on your income, expenses, existing debts and repayments. Our budgeting software creates a personalised 12-month budget showing your upcoming bills, repayment progress and projected debt-free date. With ongoing support from our team, you will have a clear timeline and a practical plan to work towards becoming debt free.

Related debt support

• Buy now, pay later financial support
• Debt agreement information

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Important information

This page provides general information only. It does not take your personal circumstances into account and is not personal financial advice. For the scope and licensing of a particular service, check the service provider's current disclosures or contact MyBudget.

Free, independent and confidential financial counselling is available from the National Debt Helpline on 1800 007 007, and ASIC’s MoneySmart website publishes free guidance. MyBudget is not a registered debt agreement administrator; where a Part 9 debt agreement appears suitable, MyBudget can refer you to its sister company MyDebtSolutions, which is a registered administrator.

Client outcomes on this page are individual experiences shared with permission. Results depend on your income, your debts and your circumstances, and are not a prediction of what any other household will achieve.

Call MyBudget on 1300 300 922 for a free, confidential, no-obligation appointment. Your personalised 12-month budget is free and yours to keep.

Related guides and tools

• Debt consolidation in Australia: how it works, when it helps, and when it makes things worse
• Credit card debt in Australia: why balances stall, what it really costs, and how to clear it
• Debt management strategies: what actually reduces a balance, and when a formal option is needed
• MyBudget FAQs | Common Questions Answered