“I can see everything in one place”: Luche’s candid account of facing debt after a difficult year

Starting again with very little room

Luche had always thought of herself as a saver. After a separation, that changed quickly. She needed to cover a rental bond, advance rent, a used car, driving lessons and significant dental work while starting again on her own.

She used a credit card she had previously left untouched, then took a $24,000 Latitude loan after comparing available options through WeMoney. The loan covered the card and car costs and included money she lent to a family member.

Luche later realised the loan carried an interest rate of about 29 per cent over seven years. Her monthly repayment was around $690, with her family member contributing about $220.

“I’m just paying for the interest, not really the loan. That’s how it feels,” she says.

Visibility brought a difficult truth into focus

This is not a simple success story. Luche says that when she applied, her focus was on accessing money quickly and she did not fully understand the cost. Seeing her accounts together later helped her recognise the position she was in.

“It’s like you are adding to cart your financial stuff in one place, and you can see everything from there,” she says.

Small actions while planning the next move

Luche has stopped using Afterpay, is closing accounts she no longer needs and has started DoorDash work alongside her full-time job. She is also keeping repayments up to date and hopes to explore refinancing after building a longer employment history.

Her story shows why the comparison cannot end at approval likelihood or the repayment amount. The rate, fees, term and total amount repayable all matter. For anyone feeling pressured to borrow urgently, free financial counselling can provide independent support before a decision is made.

Start with a clearer view

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

If debt feels unmanageable or you need independent support before borrowing, free financial counselling is available through the National Debt Helpline.

Disclaimer: Luche’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.