Top 3 Best Ways to Reduce Your Debt

There are a few different ways to approach paying down debt, and the right strategy often depends on how you think and what will help you stay consistent.
One approach is the avalanche method, where you focus on paying off the debt with the highest interest rate first, then move on to the next highest. This can be the most efficient from an interest perspective.
Another option is the snowball method. This involves paying off the smallest balance first, which can create quick wins and motivation to keep going as each debt is cleared.
The third approach is consolidation. If multiple debts feel overwhelming, combining them into a single loan can simplify repayments and make it easier to stay focused on one balance over time.
There’s no single “best” method. The most effective strategy is the one you’ll actually stick to and that fits your overall financial situation.
General advice only. Based on Australian regulations.
Amy Lehmann is an Authorised Representative (No. 1292710) of Consortium Private Wealth Pty Ltd (AFS Licence 495401).

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Advice Disclaimer || Any advice given by the presenter/s has been prepared without considering your individual objectives, financial situation or needs. So, before you act on the advice you should think about whether the advice suits your objectives, financial situation or needs. If the advice relates to acquiring a financial product you should obtain a copy of the Product Disclosure Statement for that product and consider it before making a decision. This presentation has been prepared by Consortium Private Wealth Pty Ltd (ABN 74 616 250 965) (AFSL 495401). If you require advice which takes into account your objectives, financial situation and needs you should speak to a financial adviser.

Robert Goudie (ASIC Reg 235974), Ashley Rowan (ASIC Reg 433899), Olivia Glare (ASIC Reg 1262290), Rachael Todman (ASIC Reg 1270413) & Amy Lehmann (ASIC Reg 1292710) are Authorised Representatives of Consortium Private Wealth Pty Ltd ABN 74 616 250 965 AFS Licence 495401.