Credit Smart Solutions

What is a Debt Agreement and Should You Consider One? Struggling with unmanageable debt in Australia? A debt agreement could offer relief — but it’s not a decision to take lightly. Here’s what you need to know before committing to one. What Is a Debt Agreement? A debt agreement is a legally binding deal between you and your creditors to repay a percentage of your debts over time. It’s managed under Part IX of the Bankruptcy Act and is often seen as a “bankruptcy alternative.” How It Works You work with a registered debt agreement administrator A proposal is sent to your creditors If the majority agree, it becomes binding for all creditors You make regular payments (often over 3–5 years) Who Qualifies? To enter a debt agreement in 2025, you must: Be insolvent (unable to pay debts on time) Owe less than $125,000 in unsecured debt Have assets worth less than $250,000 Earn under $100,000 annually (approx. thresholds) Pros Stops debt collectors an...

Best Personal Loan Options in Australia 2025 Looking for the best personal loan in Australia this year? Whether you're consolidating debt, funding a major purchase, or just need extra cash flow, choosing the right loan can save you thousands of dollars in interest and fees. In this post, we break down the top personal loan options available in Australia for 2025. 1. NAB Personal Loan Interest Rate: From 6.99% p.a. (fixed) Loan Amount: $5,000 – $55,000 Highlights: No early repayment fees, same-day approval in some cases. 2. CommBank Fixed Rate Personal Loan Interest Rate: From 7.50% p.a. (fixed) Loan Amount: $4,000 – $50,000 Highlights: Customizable loan terms, redraw available. 3. Harmoney Peer-to-Peer Loan Interest Rate: From 6.29% p.a. (risk-based) Loan Amount: $2,000 – $70,000 Highlights: 100% online process, credit score friendly. 4. Wisr Personal Loan Interest Rate: From 7.49% p.a. Loan Amount: $5,000 – $64,000 Highlights: Fast approval, suppo...