“I was in my early twenties and earning $70,000 as a call center team leader.

One Monday I decided I was going to Thailand for a week, called Westpac for a credit card extension and booked business class return for me and a friend.

I blew $25,000 in six days.

It was so rock star but so ridiculous. I was working in a call centre but behaving like the CEO and to this day it’s one of the most expensive weeks I’ve ever had.”

Robbie spent his twenties and thirties having a very good time. He bought what he wanted, went where he wanted and did what he wanted, too. And, like many Australians, he put it on the credit card.

“I was fortunate in that I was always earning a good income and every year my salary was increasing thanks to promotions and growing responsibilities. Of course, no matter how quick my salary went up, it never quite caught up with my spending.”

Australia’s total credit card debt stands around $41.64 billion across 13.54 million accounts, that’s an average balance per account of $3,076.  Thankfully, of that overall balance, interest is being charged on less than half (45% or $18.6 billion).

This means most credit card balances are repaid within the card’s interest-free period, while others accrue interest and others, like Robbie, are circumventing the system. In this case, with even more debt.

“I remember talking to people and thinking I was so smart and good with my money. I’d get brand new credit cards or credit limit increases and instead of paying higher interest every 18 months, I’d roll them all into a personal loan. I can’t help having a laugh looking back at it.

‘I’d give myself a big pat on the back and say well done!”

Robbie would roll over his credit card debts, accrued on lavish holidays and ‘having a good time’ into personal loans or to avoid the higher interest rates. Eventually accruing over $130,000 across multiple forms of debt.

A sudden awareness that I needed to do something.

“Every January I’d be ‘getting my finances sorted’ which roughly translated to applying for new rollover loans. The personal loans went from $10,000 to $20,000 up to $50,000. I had a car loan; I had a second personal loan for $30,000.

When I reached my late thirties, I had around $130,000 in what I would classify as ‘bad debt’ and I began to feel conscious about falling behind.”

This brought Robbie, like many young people in Australia, face to face with the harsh realities of consumer debt, an overheated property market and the sudden realisation that tomorrow is no longer an option. Things just can’t be put off another day.

“I didn’t own a property, my car had this massive loan against it and all I had to show was credit cards and debt. I knew it wasn’t sustainable and that I just wasn’t doing the right thing.

In the back of my mind, I’d always known that I should have been saving for a rainy day or investing. But I’d always thought I could do that later.

But time goes a lot faster than you expect. In the snap of a finger 20 years had gone by. I was like ‘oh my god, I’m almost 40. How is this happening?”

Robbie sought financial advice from Fox & Hare in 2017. Within two years he was totally ‘bad’ debt free, had bought his own home in central Sydney and, perhaps most impressively, is still living his ideal life.

“When I signed up to Fox & Hare I had two overwhelming emotions. Excitement and fear. On the one hand I knew that I was going to get the help I needed. On the other was this all-consuming sense of fear. I would have to come clean about what I was doing. I would have to let the façade down.”

Robbie was terrified that addressing the debt would mean giving up the things that brought him joy. He’d spent his life going wherever and doing whatever he wanted and was terrified to lose that freedom. Luckily, that was not the case.

I was terrified to lose my freedom.

“The thought of sitting opposite someone and talking about a plan terrified me to be honest. On the day I went to sign the contract there was a moment where I stood up and was about to run from the room.

I was madly scrambling for an excuse to get out of there.

I was terrified of sharing the amount of debt that I’d accrued, that I’d been covering so much with credit cards. It felt like a challenge to my identity.

I’m the friend who shouts drinks and dinner, I’m the one who can go wherever and do whatever I want.

I was terrified I was about to lose that freedom.”

Fox & Hare Financial Advice Co-founder and financial adviser Glen Hare says this is totally normal and one of the biggest misunderstandings about the tailored, personal financial advice that is offered at the firm.

“A proper cashflow strategy is not about restricting the things and activities you love. We don’t tell people what they can and can’t do, we give them options.

For example, ‘On your current salary, at your current rate of spending, we will have the deposit for the home you want on this exact date. If you can find an extra $XX every week we can have the deposit six months sooner’

So, it’s not about losing freedoms but making informed choices.”

Something Robbie quickly realised.

Robbie realised very quickly that a proper cashflow strategy is not about giving up, but prioritising, the things you love.

I still travel, but I don’t come home with debt.

“Fast forward to now and I feel like I’ve got more freedom. I still travel but I don’t come home with debt, I own my own place and the car is paid off. But the most transformative change is being able to talk to people about money.

I’ve learned how to have better conversations with friends and family, and I’ve learned not to be so fearful of money.

There are all these big and little goals that I’ve ticked off, like paying off twenty years of debt in eighteen months!

If I’d run away from that first conversation, that never would have happened. After that, it’d be hard not to see the value in talking about money.”

The Fox & Hare team’s 100% personalised financial advice has helped hundreds of 25-45 year olds pay down debts, buy homes, build investment portfolios and achieve financial freedom. Tap this image to book a free 45 minute virtual coffee and take the first step toward financial freedom today.

Fox & Hare can help you, too.

Are you, like Robbie, ready to take the next steps toward financial security? Reach out to Fox & Hare for a free virtual coffee catch up.

We have helped hundreds of 20-45 year olds unlock their potential and find the freedom, security and stability they deserve.

We can assess your current financial world – and give you 100% clarity on how to:

• Pay down debts
• Save to buy a home
• Quit work for a career change / start a business
• Achieve financial freedom

With clear, reliable and realistic time frames.

If you want to be debt free? We can tell you exactly how long that will take. If you want to own a home? We can tell you how long that’ll take too.

So, if you want to put an end to that feeling of unease “when will I be able to buy a home?” “when will I be debt free?” “will I ever feel financially secure?” Hit “Book now!” and claim your free virtual coffee with Will today. 

Book now!

About Fox & Hare:

The company was Founded in 2017 by two former Macquarie execs. Fox & Hare aims to empower and educate Australians in the wealth accumulation phase of their life journey. Through the provision of a safe, inclusive and accepting environment, they’ve built a diverse and devoted following of 20- 40 somethings. Members come from many backgrounds, abilities and genders. The organisation and its co-founders have featured in the AFR, Equity Mates and Sydney Morning Herald. They have been included in Financial Standard’s Power 50 and Glen Hare was voted Australia’s best Financial Adviser for 2024.