In most developed nations, levels of financial debt are rising steadily, and research shows that when debt becomes difficult to manage, detrimental effects on well-being can result. Previous research shows high levels of materialism and impulse buying tendencies can contribute to debt levels. Mindfulness, defined as the attention to and awareness of the present moment, is a variable which has been theorized to reduce materialism and impulse buying tendencies. The present study tested a multiple mediation hypothesis where mindfulness is indirectly related to debt via its effect on materialism and impulse buying tendencies. Results from a sample of 451 employed Australian citizens showed that mindfulness was negatively related to debt, materialism, and impulse buying tendencies, but neither materialism nor impulse buying tendencies were related to debt. The theoretical implications for mindfulness and debt research, as well as the practical implications for well-being, are discussed in conjunction with suggestions for future research.