Top ways to crush debt in 2020

The new year has arrived, and with it a shiny new decade, making it the perfect time to get serious about wiping clean the debts of yesteryear and starting the new decade afresh.

Debt crushing tactics all come down to one thing — efficiency. And, the most efficient way to get debt free is to pay it off as quickly as possible at the lowest possible rate.

Whether you need to pay off an overextended credit card, cut down your mortgage or consolidate a bunch of smaller debts, the Mozo money experts have rounded up some of the top debt crushing products on the market to have you feeling financially free again. 

Top Debt Consolidation Loan

OurMoneyMarket - Low Rate Personal Loan
  • Unsecured rates from just 8.00% fixed (8.21% comparison rate^)
  • Free extra repayments and fee-free redraw
  • Quick and easy 100% online application
How it works

Put an end to debt the easy way with a low rate debt consolidation loan from OurMoneyMarket. By combining smaller debts into one low rate personal loan, you can save big bucks on interest costs and easily manage your repayments. This innovative online lender lets you apply online in minutes to consolidate between $2,000 and $50,000 worth of debt with a handy fixed interest rate that can be repaid weekly, fortnightly or monthly over 1 to 7 years and has no nasty exit or early repayment fees.

Where do I get it? Head over to OurMoneyMarket to find out more >>

Low Rate Credit Card

ING - Orange One Low Rate Credit Card
  • Low 11.99% purchase and cash advance rate
  • $0 annual fee or ING international transaction fees for eligible customers
  • 2019 Mozo Experts Choice Award
Find out more
How it works

Winner of the 2019 Mozo Experts Choice Award, ING’s Orange One credit card features a sexy low 11.99% p.a. purchase and cash advance rate, no annual fees and up to 45 interest-free days on purchases. Packed full of goodness, this card comes with no annual fees and flexible instalment plans. Plus, enjoy no ING international transaction fees; simply deposit $1,000+ into your Orange Everyday transaction account each month and make 5+ eligible settled card purchases every month.

How do I apply for the card? Online of course!

Mortgage Crushing Home Loan

loans.com.au - Smart Home Loan 80
  • 2.88% variable rate (2.90% comparison rate*)
  • $0 application or ongoing fees
  • Unlimited free extra repayments and redraw
Find out more
How it works

This super low rate, low fee home loan is packed with useful features like free redraw, the ability to make free extra repayments and a split loan option. Boasting one of the lowest variable rates on the market, the Smart Home Loan really is a smart choice for borrowers who are looking to save money on interest and get mortgage free faster. You can borrow up to $1 million with this loan, and pay no annual or application fee.

How do I apply? Head over to loans.com.au to find out more >>

Calculate your debt consolidation loan repayments

We can show you the monthly repayment amount for a range of loans

home with heart

Want to check out more options? Head over to our personal loan comparison tool or our credit card or home loan comparison hubs to get cracking on crushing that debt in 2020.

* WARNING: The Comparison Rate combines the lender's interest rate, fees and charges into a single rate to show the true cost of a personal loan. The comparison rates displayed are calculated based on a loan of $30,000 for a term of 5 years or a loan of $10,000 for a term of 3 years as indicated, based on monthly principal and interest repayments, on a secured basis for secured loans and an unsecured basis for unsecured loans. This comparison rate applies only to the example or examples given. Different amounts and terms will result in different comparison rates. Costs such as redraw fees or early repayment fees, and cost savings such as fee waivers, are not included in the comparison rate but may influence the cost of the loan.

** WARNING: This comparison rate applies only to the example or examples given. Different amounts and terms will result in different comparison rates. Costs such as redraw fees or early repayment fees, and cost savings such as fee waivers, are not included in the comparison rate but may influence the cost of the loan. The comparison rate displayed is for a secured loan with monthly principal and interest repayments for $150,000 over 25 years.

*** Initial monthly repayment figures are estimates only, based on the advertised rate, loan amount and term entered. Rates, fees and charges and therefore the total cost of the loan may vary depending on your loan amount, loan term, and credit history. Actual repayments will depend on your individual circumstances and interest rate changes.

^See information about the Mozo Experts Choice Personal Loan Awards

Mozo provides general product information. We don't consider your personal objectives, financial situation or needs and we aren't recommending any specific product to you. You should make your own decision after reading the PDS or offer documentation, or seeking independent advice.

While we pride ourselves on covering a wide range of products, we don't cover every product in the market. If you decide to apply for a product through our website, you will be dealing directly with the provider of that product and not with Mozo.