Financial hardship

Difficult financial situations can occur when we least expect them and the circumstances can sometimes be out of our control. Tough financial situations can lead to high levels of credit card debt, causing additional stress and financial hardship for many Australians. Many of us want to reduce or clear our credit card debt but might not know where to start.

It’s possible to clear your credit card debt and take back control of your finances with a bit of planning and assistance when needed.

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. Acting early and seeking advice can help you better manage your financial situation.

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 can help you take control of your credit card debt and get on top of your repayments. We’ll work with you to find an appropriate solution for your needs and develop a plan to help reduce or clear your debt.

Download, print, fill out and return the Financial Hardship application form so we can consider your request. If you provide all the information requested, we will get back to you with a decision on your application within 14 days.  

Government assistance

If you are suffering from financial hardship the Government has the following websites available for your assistance:

National Debt Helpline

Money Smart