Debt doesn't have to be difficult

We know that debt can be pretty overwhelming. That’s why here at Wisr, we’ve built Debt Bustr - our new tool that tells you if you can save money or become debt free faster by consolidating. Pretty handy, right?

WHAT'S IN THIS GUIDE?

Introducing Debt Bustr

Looking to bust some debt? Well, you’re in the right place. Here at Wisr, we're all about helping Aussies tap into their smart part to get on top of their finances. In fact we’re so into it, that we’ve built Debt Bustr - an easy-to-follow approach and calculator available online and in Wisr App designed to help you save money and get debt free sooner.

It pairs perfectly with a Wisr Debt Consolidation loan, but even if that’s not your jam, you’ll find some invaluable resources to help bring forward your debt-free date, make your repayments more manageable, or just get a better handle on your money.

Q1. How does Debt Bustr work?

Well, it’s as easy as B-U-S-T-R! Every letter represents a step you can take towards crushing your debts. We’ve run through each one below to get you prepped.

B Bring your debts together
List your debts in Debt Bustr to get a clearer view

U Understand the cost
See how much you owe in total, including interest

S See your options
Check if you can save time, money, or both!

T Take action
Get a personalised debt consolidation estimate

R Refine as you go
Tailor and supercharge repayments to match your needs

B - Bring your debts together

First, you’ll need to add your current debts into Debt Bustr. You can add any unsecured debts into the Debt Bustr calculator, such as credit cards, Buy Now Pay Later and personal loans, but you can’t add secured debts like your mortgage. You can add in as many outstanding debts as you like, whether that’s 2, 4 or more. 

Take a quick look at your debts first and write down how much you owe, your repayment amount, your repayment frequency and the interest rate for each one. Once you have these to hand and a rough idea of your credit score, you’ll be able to breeze through our Debt Bustr calculator.

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U - Understand the cost

Once you’ve added all your debts into Debt Bustr, you’ll have a much clearer view of how much you owe in total, plus interest aka how much your borrowing is really going to cost you. This might seem a bit overwhelming at first, but it’s a really positive step towards tackling your debts and taking back control.

We’ll also tell you how long it will take you to pay off your debts if you stick to your current repayment plan. 

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S - See your options

This is where the second part of our Debt Bustr loan calculator comes in. We’ll run the numbers based on what you’ve told us and check if using a Wisr Debt Consolidation loan to pay off your current debts will save you money or help you become debt free faster. 

The calculator also gives you the option to make use of extra Wisr features like Round Up and One Time Payments. By opting into these features, you could become debt free even faster depending on your priorities and capacity. 

In fact, if you have a $30,000 loan and pay an extra $50 per month through Round Up, the loan will be paid off 5 months ahead of schedule.

Also, if being debt free is part of a plan with your partner, now is the time to have a chat and align as a team, if you haven’t already.

Knowing your credit scores can help give you a more accurate result. Check your credit scores for free with Wisr

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T - Take action

If your results suggest that you could benefit from paying off your debts with a Debt Consolidation loan, you can take action and easily find out if you’re eligible for a Wisr Debt Consolidation loan by getting an estimate.

Getting an estimate with Wisr is free, there’s no obligation to proceed and it won’t impact your credit scores. Once you’ve got your estimate, you can use your smart part to decide whether a Wisr Debt Consolidation loan is the right money move for you. 

Think it is? Great. Wisr will be there to support you along every step of your debt-free journey. But if it’s not for you, don’t worry. We’re still here to help. There are also alternative approaches to knocking debt on the head. The most important thing is to take action.

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R - Refine as you go

This last step is most relevant to those who choose to consolidate their debts with a Wisr Debt Consolidation loan, but even if you don’t, there are some great tips below.

Wisr App is full of tools and guides that will help you stay on track with your repayments and even get you to your debt-free day faster. What you do in the first days, weeks, and even months after settling your loan can really help set you up for success and that’s something we really want to celebrate with you

Once you settle a Wisr Debt Consolidation loan we’ll send you some great tips to help nudge you in the right direction. But, if you can’t wait til then, here are 3 of the best:

  • Find your fit – make repayments work for you by aligning your payment frequency and date with your payday i.e. if you get paid weekly, choose weekly repayments, or if you get paid monthly on the 15th, request your repayment date to be set as the 16th. There’s no cost for making these changes and they are typically applied within 2 business days.

  • Identify temptation traps – although not always, it’s often bad habits that can first get people into debt or see them fall back into it. Spotting the temptation traps in your life and forming good habits to avoid them can make a big difference.

    This is so important we’ve developed some short courses in Wisr App and an email series to help keep you motivated and on top of your repayments.

  • Make it count – making extra repayments right from the start of your loan term will reduce the amount of interest you pay over the course of the loan. It might seem strange to hear this from a lender, but if you can kick things off with a one time payment or use any reduced repayments/interest savings to pay extra off your loan, do it from now to get the biggest bang for buck.


Wisr Round Up is an excellent way to chip away at your loan. In fact on average, users round up $64 per month - that’s $3,840 over 5 years!

Once you’re set up, just remember to regularly check in with your loan to stay on track. We know that life isn’t always predictable. That’s why we’ve made it easy for you to manage your loan in Wisr App.

This could mean using a tax refund to make a one-time payment, changing your payment frequency if you change jobs or pausing Round Up if things get a bit tight. Plus, the Debt Bustr calculator is always there so you can see the impact of these decisions.

On average, Wisr loan customers who made use of the Wisr App in 2023 were 41% further ahead on their loan repayment balance compared to customers who didn’t. 

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Q2. What is a Debt Consolidation loan?

A Debt Consolidation loan is a loan that’s used to clear the outstanding balances on other credit products, such as credit cards, personal loans or Buy Now Pay Later. You can use the loan to repay just one debt or multiple. 

If the Debt Consolidation loan has a lower interest rate than what you’re currently paying on your other debts, you may be able to save money by paying them off with the lower rate loan aka refinancing. You could also bring forward your debt-free date with a new repayment plan. Plus, if you’re paying off multiple debts, refinancing will give you just one easy-to-manage repayment to track.

Q3. Which debts can I clear with a Debt Consolidation loan?

Basically, any unsecured debts. This typically includes:

  • Credit cards

  • Store cards

  • Buy Now Pay Later

  • Personal loans

  • Unsecured car finance

  • Overdrafts 

If you’re not sure where to start, you could think about entering the debts with the highest interest rates or rolling balances first. 

Debts that you won’t be able to repay with a Debt Consolidation loan are secured debts, such as your mortgage or loans secured against property or vehicles.

Q4. Can’t I just leave my debts as they are?

The providers of high-interest and high-fee debts like credit cards and Buy Now Pay Later rely on you not taking action to make money. These debts also create a rolling balance that builds up quickly because of compound interest. So, by not taking action - by whichever method - your total debt could be bigger next month, then even bigger the month after. This means the sooner you take action, the easier it is to take control. 

Ready to bust some debt? Great. Follow these steps, and we’re confident you’ll be on a smarter path to better manage and say goodbye to bad debts faster. When you feel in control of your debts or even better, they’ve been busted, that leaves more space for the parts of life you want to give your energy to, and it’s a big step towards reaching your financial goals, whatever they may be.


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Disclaimer: This article contains general information only, and is not general advice or personal advice. Wisr Services does not recommend any product or service discussed in this article. You must get your own financial, taxation, or legal advice, and understand any risks before considering whether a product or service discussed in this article may be appropriate for you. We have taken reasonable efforts to ensure that the information is accurate at the time of publishing, but the information is subject to change. We may not update the article to reflect any change.

James is a marketing and communications professional with a passion for leading high-performance teams. He likes what he does… a lot.

James, Chief Growth Officer