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The Debt Crusher - Compare Australian Debt Strategies and Crush Debt Fast!
You're stuck in debt and the Australian banking system likes it that way.
Credit cards charging 20%+ interest. Personal loans. Store cards. Car loans.
Every month you need to come up with the minimum payments.
You know you need a plan to get out of this. But which debt do you pay off first?
Which Debt Strategy is the Best?
Here's the thing: banks make billions keeping you in debt.
Your minimum repayments? They're designed to maximise their interest and create profits, not help you get free - and the banks know what they are doing.
Meanwhile, the "experts" on social media recommend their "best" debt strategy with "miracle results" (while trying to sell you a product for a quick commission).
Some say pay the smallest balance first. Others say tackle the highest interest rate. The avalanche method. The snowball method. Custom strategies.
So while you try to work through all the noise, you just keep paying the minimums.
And that's exactly what the bank wants you to do.
Why Past Attempts Failed
You've probably tried paying extra here and there.
Maybe you've set up a spreadsheet or tried a debt calculator.
After a few months of no visible wins, no real progress, balances barely moved, you lose motivation - you give up.
But there is an easier way.
MoneyFormula's Debt Crusher Is Different
The Debt Crusher lets you test different strategies instantly. See which one gets you debt-free fastest, saves you the most money, or both.
MoneyFormula is the personal finance app for Australian homeowners that shows all your debts in the one place.
At the click of a button you can compare smallest balance first (snowball strategy), highest interest rate first (avalanche strategy), or create your own custom approach.
Pick the strategy that feels right and works for you. Then lock it in and make it happen.
Debt Crusher Example
Let's take a quick look at Bob and Jill, who have their fair share of debts: mortgage, car loan, two credit cards, and a personal loan.
They checked the highest interest rate strategy first. It made sense mathematically. But they would have to tackle one of their largest balances first, and progress would be painfully slow.
So they checked smallest balance first. They could crush their first credit card in no time. They locked it in.
That win of crushing their first debt changed everything. Suddenly they believed it was actually possible.
And as a bonus they learnt to push the minimum payment from the paid off credit card straight back into the next debt, speeding things up further.
MoneyFormula calculated everything for them and kept it all up to date, so they could always see exactly what was left to become debt-free.
Ready to Crush Your Debt?
The best debt strategy is the one you can start today and modify as your circumstance change.
Some people need quick wins to stay motivated. Others want to save the most interest. Some need to customise the debt order to get rid of the most emotional debt first. All strategies are valid.
MoneyFormula's Debt Crusher shows you the results for each debt strategy. You pick what works for you. Lock it in. Let the app handle the rest.
Give MoneyFormula's Debt Crusher a go today. Which debt strategy do you think will get you debt-free the fastest?
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PLEASE NOTE: The information in this article is general in nature. It does not take into account your personal objectives, financial situation or needs. Please speak to a qualified financial adviser if you need specific advice on your finances.