Track your income and expenses to manage your money better.
Debt Assessment Tool
Quick Classification:
Good Debt
Generally includes
mortgages, student loans, and
business loans that help build wealth
or achieve financial goals.
Bad Debt
Generally includes credit
cards, car loans, payday loans,
and personal loans with high
interest rates and short-term
repayment plans.
Action Steps
Identify and Prioritize
- Prioritize paying off 'bad debt' especially high-interest ones.
- Start with the smallest bad debts to build momentum.
Make Informed Decisions
- Consider if new debt supports long-term goals.
- Avoid high-interest, short-term debts.
Seek Help if Needed
- Contact the National Debt Helpline (1800 007 007) for free financial counselling.
- A financial counselor can help you -
- Negotiate with creditors to find solutions.
- Develop a plan to reduce your debt.
Tips for Financial Health
1. Create a Budget
2. Save Regularly
Build an emergency fund to avoid taking on debt for unexpected expenses.
3. Educate Yourself
Continue learning about financial literacy to make informed decisions.
Financial difficulties or debt can be a part of life, but you are not alone. Reach out to the National Debt Helpline at 1800 007 007 for free and confidential financial counseling.
HELP IS AVAILABLE – TAKE THE FIRST STEP TODAY!
We hope this tool has been informative and helpful in identifying your current
strengths and areas for improvement regarding your debt.