“I actually have money in the bank”: how Deborah consolidated debt and started saving

A difficult period arrived all at once

Deborah lives in Forest Lake in Brisbane and works permanently for Queensland Health in palliative care. She expects to retire in about seven years.

Before consolidating, several pressures had converged. Her rent had increased, a housemate had moved out, she had cared for her mother before her death and her ageing car had become unreliable. Deborah was managing a credit card, bank debt, a couple of loans and buy now, pay later accounts.

She describes living from pay to pay, with the stress beginning to affect her health.

From several debts to two

After other banks declined her applications, Deborah compared options through WeMoney and applied with OurMoneyMarket. She recalls receiving approval within about five days, with the funds arriving after a couple of weeks.

The loan allowed her to consolidate most of the separate balances. She was left with the new loan and one credit card, rather than the previous collection of debts. It also included about $16,000 that she used to buy a reliable car outright.

Starting to look forward again

Deborah says the new structure gave her room to start saving, take a holiday and add an extra $20 a month to superannuation.

“For the first time in quite some time, I’m financially stable,” she says. “I actually have money in the bank.”

She still has debt to repay, so this is not a story about becoming debt-free. It is a story about regaining control after a period when every new cost felt like another setback.

With fewer accounts to manage and a dependable car, Deborah can now think beyond the next payday and towards the years ahead.

See what one repayment could look like for you

Use the debt consolidation calculator to explore how different repayment amounts and terms can affect the total cost.

Join WeMoney to bring your accounts together and see your finances in one place.

Disclaimer: Deborah’s experience is her own and is not a guarantee of a similar result. The information in this article is general in nature and was prepared for information purposes only. It should not be considered financial advice and does not take into account your objectives, financial situation or needs. Consider whether it is appropriate for your circumstances and seek independent advice before making a financial decision.