The Elephant in the Room: Let’s Talk About Getting out of Debt

11 . 11 . 2020

Your Free Spirit Animal ScreenSaverS!
MONTHLY SELF-Coaching worksheets
Downloadable Recipe Cards by Jess Sepel
Now Trending:
I'm Rebecca!

Welcome to DG! We are a Coaching Hub for Women!  Over the past 7 years we've created a huge library of Articles, Guides, Coaching Resources and Courses, to help women grow & thrive in their own life.  We hope you enjoy exploring the site x


Listen to our #1 Confidence Podcast

Tune in

Explore our latest episodes of The 'C' Bomb

Written By

The Daily Guru Team


Unfortunately, debt can be quite easy to sink into while being notoriously difficult to climb out of. However, with the right information and few handy apps, we know you can work off those debts and learn how to manage your money even better!

First of all, let’s take a look at some facts and stats about debt and money misconceptions. Then, you can discover our great list of apps to help you get out of debt, budget better and save money for a rainy day.


Fast Facts and Stats About Debt

In Australia

70.19% of Australian adults own a credit card

There are approximately 16.5 million credit cards owned in Australia

The average credit card debt is $3,181

29% of Australian households are classified as “over-indebted”

The most common types of debt include credit card debt, home loans and student loans

The largest contributors to debt include home loans, property loans and investment loans

Australian statistics originally from here and here.

In America

The average American has 3 credit cards

The average credit card debt is $6,354

There are approximately 1.5 billion credit cards in America

In the first quarter of 2018, 8% of credit card account balances were at least 90 days late

The top two ways consumers are likely to use a credit card include online shopping and online travel

It takes approximately 20 years for the average American to pay off their student loans

People’s peak earning years also tend to be their peak debt years

Including credit cards and student, car and home loans, the average American under the age of 35 owes $67,400, a figure which rises above $100,000 after the age of 35 (then decreases to $66,000 after the age of 65).

American statistics originally from here and here.

Misconceptions About Debt

Smaller debts don’t matter as much: Consumers are often more dedicated to paying off larger debts and tend to be more relaxed about smaller debts, such as phone bills and utility bills. However, small debts can be easily missed and cause problems later on, like bad credit ratings.

It’s better to have a home loan than to rent: Many people believe that rent money is “dead money”, but owning a home carries many of its own expenses, like property taxes and mortgage interest. It’s better to make the decision to rent or buy based on what you can afford and manage in the long-term.

Budgeting is a waste of time: Having a budget can actually help you determine when you’re spending more than what you’re earning and become more responsible with the way you handle money. It’s more than about tracking your money – it’s making a solid plan for your future financial wellbeing.


Apps for Getting out of Debt and Saving Money

Pay Off Debt

With this app, you can organize your debts, decide on a plan to pay them off and track your progress. Plus, you can access resources containing information about how to manage debts and pay them off faster! If you really just want to focus on getting your debts under control, then this is the app for you.


YNAB (You Need A Budget)

Gain control of your money, set your own goals, import transactions and give your money “jobs” with YNAB. The app will help you prioritize expenditures, handle unexpected costs and live within your means (instead of racking up new debts).


Tip Yourself

Luke Carvajal, cofounder of the Tip Yourself app, said that he hoped this app would help people start to see saving money as a reward, rather than a chore. Every time you do something well or hit a goal, you can tip yourself a chosen amount of money. This money can later be transferred back to yourself!



This app helps you choose goals to save for and determine rules to help you achieve your savings goals. For example, if you need to save $2000 to attend a holiday wedding, you can set the goal and create rules like putting aside a certain amount of money on a day of the week, or spending less on coffee and putting the difference into your savings. If there’s something important you need to save up for, this is the app to help you do it!



Trim can securely connect to your accounts, then analyse your spending and cancel subscriptions you don’t use and negotiate better rates to help you save money! According to one of their users, Trim even helped them re-evaluate their credit card for a new cash back card with a great transfer offer to help them get their balance down.

We hope you enjoyed learning more about debt and how to help yourself get out of debt!



Low-Cost Marketing Strategies To Take Your Business to the Next Level


Share this:
Journal Prompts

A hugely valuable personal growth tool is the use of Journal Prompts. Bringing awareness to our most common thoughts and consciously choosing to reprioritize, refocus, and redirect these thoughts, can have the most profound impact on our life and emotional wellbeing – especially during these challenging times of late. However, at times, journalling can feel […]

50 Journal Prompts For Self-Discovery


read more

I’m not much of a fan of exercising. In fact, I quite often hate it. What I do love however, is exercising my vagina — or to be more specific — my pelvic floor muscles. Why? Because it allows me to have epic sex and incredible orgasms. Exercising your pelvic floor muscles with a simple […]

The Best Sexercise You Can Do


read more

We all experience fear and anxiety at times. It’s a completely natural and helpful human emotion that helps us respond to danger — an automatic alarm that goes off in a challenging situation where we feel threatened, pressured or stressed. We feel it when we’re about to jump on a roller coaster. When we’re gearing […]

Behaviours That Contribute To Anxiety


read more

ARE YOU IN A MAZE? Are you feeling like you’re at a stage in your life where you’re not where you thought you’d be? Maybe you’re reflecting on others thinking they seem to have it all and you’re not even close?? Or maybe you’re just feeling a little feeling lost? You might have a million things […]

Feeling lost? How to find your way out!


read more

Have you ever considered how the ways you treat yourself and others are surprisingly similar? As far back as the Bible, it has been espoused that we should treat others as we would want to be treated. But this, perhaps, looks only at the inter-relationship between people. What about the intra — the importance of […]

What our Behaviour Really Means!


read more

  CARRY ON FLOURISHING   It’s been a bit of a whirlwind adventure with our “flourish” series and we hope you’ve loved it as much as we have!   So far, we’ve covered: How to flourish at home How to boost your energy and motivation Relationship rehab How to prepare for meaningful action How to […]



read more

New Year Resolutions… We have made it to 2021! Well done. Last year was anything but easy. 2020 presented us all with challenges, abrupt change, and transitions, amongst many other things, and you made it through. As you reflect on the last year, there are things you may want to leave behind, while there may […]

Embracing Rhythms Over Resolutions

Personal Growth

read more
Design your day

“Wonderful. Productive. Smooth. Successful.” This is how we want to be able to respond when someone asks us, “How was your day?” With everything on our plate, those words often seem unrealistic.  But despite our waking hours being filled with a rush of activity that has the potential to send us into a state of […]

How To Design Your Day

Personal Growth

read more

10 years from now, where will you be? Have a clue? Not quite sure at all? That’s ok. Like a fortune-teller with her crystal ball in hand, you too can look into your future now and see the life you are manifesting. Here’s how you can quite simply predict where you will be in 10 […]

Where Will You Be 10 Years From Now?

Personal Growth

read more

  When life gets busy or you find that one area of your life is demanding a lot of your time and energy, it’s easy to find yourself out of balance and not paying enough attention to what’s most important in your life. While you need to have drive and direction, too much can create […]

Finding Balance In Our Busy Lives

Personal Growth

read more

Your head strongly insists on taking the job. Running the marathon. Leaving the relationship. But your heart… well, your vehemently disagrees. Have you been tied up in the limbo of your head and heart? Paralysed by indecision because you don’t know what’s right?     The heart whispers but when it does, the message is […]


Personal Growth

read more

We all get lost from time to time. We all forget who we really are when life throws a spanner (or three) into the works. Faced with choices to start and end relationships, to travel the world, to follow the hunch or to leave it, to start a family or maybe to close your business […]


Personal Growth

read more

I'm Rebecca Sparks
Founder of The Daily Guru, Confidence & Life Transition Coach, Speaker, Podcaster, Educator, Adventurer & Goal-Getter!

My mission is to help women believe and invest in themselves and  to help them to carve out their own exciting and fortuitous path in life.

more about me

Hey there!

oh la la!

"It's like DG is reading my mind! Every time I get an email from them, its exactly what I needed to hear."
- Jennifer West

Join the gang!

We've built a HUGE library of Growth & Wellbeing Resources for women just like you.  And we save all the best bits for our PenPals
 (AKA the Newsletter crew!)

So save yourself from unbearable FOMO and sign up below 



Get Our Free Guide to Kicking Ass on Social

Taiyaki occupy farm-to-table swag fashion axe four loko. Church-key palo santo selvage helvetica iceland tumblr.




"Margi's guide was kick-ass indeed and quite literally changed how I show up on social." - Jen Olmstead

oh la la!



follow along 
on Instagram:



@TheDailyGUru >

© MArgarita Coaching 2020  |  Design by Tonic  |  Photos by social squares & Unsplash