No one wants to be in debt, but if you unfortunately find yourself in a difficult financial situation there are a few things you can do to reduce your stress and get back on track.

One option is to consolidate your debts into one personal loan. A debt consolidation loan combines all of your loans into one, which means just one monthly repayment. It can be a great option if you're having issues managing your repayments, or have a large amount of debt to get on top of.

Often, consolidating debts can immediately make your repayments seem more manageable. Instead of keeping track of seemingly never-ending repayments, you just need to focus on repaying one single loan. It may also eliminate unnecessary fees and multiple repayments and interest rates.

A range of different debts can be consolidated into the loan. These include credit cards, personal loans, private loans and other credit accounts (for example, any debts you may owe to your electricity provider).

Alternatively, you might consider a balance transfer, where you pay zero interest for a select period of time. It can give you the opportunity you need to catch up on repayments, without the added stress of more interest.

If you're a home owner, you might be able to extend your home loan amount using the equity in your house to get on top of your debt. Often, home loan interest rates are lower than personal loans and credit card rates.

While it can seem daunting and lonely to be in debt, you are not alone and you do have options. If you're thinking about consolidating your debts or would like to talk about your finances in confidence, you can pop into a branch or call our Customer Contact Centre on 1300 138 831 for more information or to get started on your journey to financial freedom.