Debt Management

Managing debt is all about sorting your debt, understanding your debt and making some priorities to pay off those debts.

The bets way to start is by sitting down with a financial planner and doing a stock take of your debt. Take away the emotion, lay it all out and have a full understanding of what it is you are paying.

Debt can be divided into good debt, bad debt and rubbish debt. 

Good debt is usually an investment debt – something growing in value to make your retirement more comfortable.  

Bad debt – this includes your mortgage for your home because you pay 100% for it and there is nothing back from the ATO by way of tax minimisation or credit. 

Rubbish debt – think personal loans, credit cards and payday loans.

“Plan your attack with good financial advice – understand what debt fits in to what category and make a plan to get rid of it.“

Start planning with a small debt – maybe you have a credit card or a small personal loan.  Make a plan to pay that off first and create some momentum to inspire you to get rid of the next one.  Like rubbish, when you put it in the bin, it’s gone. It’s a good feeling to clear a debt.

Always negotiate with providers as well, to understand of you can change what you pay and when. Most organisations want you to repay the debt and if it takes a bit longer but they see the payments being made, they can be a bit more lenient when cash flow is a challenge.

It is not always advisable to consolidate debt and think about credit applications and the effect they can have on your ability to gain credit down the track.  Know that each application is stored on a file and if one or two providers have declined you a credit application, you may be seen as high risk. 

A financial planner can help you to sort the debt in to the right pile and work with you to create a pathway to clear the debt.

We strongly recommend you seek out financial advice from a trusted and qualified financial professional who will be able to devise a debt management strategy tailored to your unique needs so that you can feel confident about easing your debt burden and freeing up cash flow to enjoy your life a little more.

Success Stories

  • Photo of Sam Rowe Professional Australian Rules Footballer, Carlton Football Club

    I was lucky enough to meet Matt Hale at a club function. I decided to go in to meet the team and it just felt like a perfect fit. Read Sam's full story

  • Photo of Kane Baker & Rebekah Elmaloglou

    We knew we wanted to put our money to good use, but we didn’t know too much about how to get started, so we sought help from the team at Rising Tide Financial Services. Read Kane's full story

  • Photo of Ben O’Neill

    I’ve learned so much from working with the team at Rising Tide. They helped me to understand and organise my finances, helped me to put a strategy in place to work towards buying my first home. Read Ben's full story

  • Photo of Tim & Vesa

    Friends of ours had recommended that we get in touch with Rising Tide Financial Services...Little did we know, it would turn out to be one of the best decisions we’ve ever made! Read Tim's full story

  • Photo of Anthony De Leo Sales Manager, Audio Visual Revolution Pty Ltd

    Having income protection, it’s obviously important in case things go wrong, you’ve got some back up. Read Anthony's full story

  • Photo of Alistair Tubb

    We’ve managed to get into a home that would allow us to grow which is great. They tied it all in together and it made sense to have a one-stop-shop. Read Alistair's full story

  • Photo of Fenella Wagener PR and Media Manager, Universal Music

    They helped us work out what are our expenses, and how much money can we save a month, and it’s crazy to think how much you can be saving a month! Read Fenella's full story

  • Photo of Trish Curtis Self-employed bookkeeper

    Right from the outset, Ali was so easy to work with. There just wasn’t the pressure I had experienced when working with other advisers. Read Trish's full story

  • Photo of Peta Currie Single parent

    While it’s fantastic to receive the income, I know that all of the paperwork can be really challenging for some people, and Matt has been a fantastic help. Read Peta's full story

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Testimonials

  • Since catching up with Matt, Tom & the team at Rising Tide, both Emily & I feel like we’ve had a chance to get our financial lives in order.

  • Great team! Braden was especially helpful in getting my finances sorted for my business.

  • Highly recommend the Rising Tide team - friendly, honest guys who have helped me make my financial dreams come to life. Also, they have a bar in their office, which is, you know, great.

  • Felt 100% care and commitment to my needs. Always highly responsive to requests for information and support. A+

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