Managing credit card debt

Struggling with credit card debt? You’re not alone.

Credit card debt levels are on the rise, causing many Australians undue stress or additional financial difficulties.

The good news is, it’s possible to clear your credit card debt and take back control of your finances. Acting early and seeking advice can help you better manage your financial situation.

What you can do

Here are some steps that you could take to help start reducing your credit card debt:

Set up a monthly budget for all your expenses and maintain the budget.
Consider prioritising paying off the card with the highest balance or highest interest first.
Reduce or cancel the limits on your credit cards where you still have available funds.
Increase your required monthly repayments from the minimum amount, and don’t continue to spend on your cards once you start reducing the balance.
If you have multiple credit card accounts, try to consolidate all your credit cards into one account at the lowest interest with a fixed monthly repayment amount.
Contact a financial counsellor or the National Debt Helpline on 1800 007 007 to discuss your current financial situation.

What we can do

The bank can also offer the following solutions to help you reduce your credit card debt:

Consolidate your existing credit card to other loan products you may have with the bank.
Convert your credit card to personal loan on a fixed term with a fixed monthly repayment amount.
Reduce your existing approved credit limit as the balance of your account is reduced.
Increase your required monthly repayments from the minimum amount to a fixed higher monthly repayment amount.

Help managing credit card debt

Our Credit Assistance service is here to help you work through financial difficulties you are experiencing or that you may anticipate. We’ll work with you to find an appropriate solution for your needs and develop a plan to help reduce or clear your debt.