Owen Raskovich

And again, we've covered this in the debt episode, so I won't go back over it in too much depth here.

But effectively, you just put some debts together in the hope of paying fewer fees or a lower interest rate.

And there are many free services out there, but the financial counselors that are free and available through ASIC, you can go to the Money Smart website and you can find out how to get in touch with one of those.

they can have some great advice for you in this situation.

But I kind of just want to bring it home and say, Owen, Kate, you guys say that we got to pay down this debt, but is it really worth it?

Is this what I should be focusing on?

These are the questions that maybe some of our listeners are asking.

And

I want to just put it to you this way.

I want you to imagine that you have a credit card.

Let's say it's got $4,000 on it.

And you could make minimum repayments.

So you could make, I don't know, say $80, $82 per month on a $4,000 balance.

That would be the minimum repayment.

If you paid $82 per month, the minimum repayment of a $4,000 debt, it can take over 40 years to pay it back.

but if you pay an extra $100 off on that same $4,000 debt, you could be done in less than two and a half years and you would save more than $10,000 in interest.

So you don't need to make a massive commitment to knocking this debt over sooner.

You just need to just give it a shot and just start with little bits, just chip away at it over time.

There's obviously other ways you can pay it back sooner by selling things online, et cetera, but that's just the general idea.

Great.