Tips if you have debts to pay!

Date Posted: February 11, 2023
By: Maggie Marques

Are you drowning with all the debts to pay?  It may not be easy to pay off debts, but it can be done once you decide.  Just be patient with yourself because you didn’t get too deep into debt instantly, and you can’t be debt-free instantly as well. Let’s take it one step at a time, shall we? Here are some debt repayment strategies that can help you get back on track.

Debt repayment strategies

  1. Budget for debt repayment. If you do not prioritize debt repayment, chances are, you’d continue sinking into the deep hole, never to be seen again. It would be nice if you could set aside a sizeable amount for debt repayment, but if that is not possible, any amount to start with will do. Just commit to repaying and faithfully setting aside the amount for it.
  2. Negotiate with creditors. Once they see that you are committed to becoming debt free, there’s a big chance that they will look kindly at you when you negotiate your debt. Debt renegotiation may help you get a lower interest or extend your repayment. Creditors would rather have a renegotiation or restructuring of your debts rather than have you default or, worse, file for bankruptcy.
  3. Pay more than the minimum amount. This tip cannot be stressed enough. If you tend to pay only the minimum amount every time, don’t! The minimum amount, though tempting, will cost you thousands more in repayment. Plus, it will take you years before you can fully repay!

While you are journeying towards becoming debt-free, steer clear of adding new debts. If you feel that you need professional help, there are credit counselors who can help. They can advise you on what to do to help you get back up on your feet. It may take some time but the most important thing is to start doing something about your debts to pay.

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