How to be Proactive About Paying Off Debt

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How to be Proactive about Paying Off Debt

How to be Proactive About Paying Off Debt

Anyone who is in debt wants to be free of it, who can blame them right? Just about everybody has the means to get themselves out of debt.  So why are so many people still buried under a pile of bills?

The problem is that most people are not willing to do the work to make it happen. That might seem like a harsh statement, but in a lot of cases it’s true. It takes a lot of determination to commit to getting rid of your debt.

Not only does it take determination, it also takes a long-term commitment, depending on your situation, it could be years. Which means you need to keep up the fight for as long as it takes to get it done.

Just the thought of how much work needs to be done can be very overwhelming. The key is to constantly keep moving forward and to keep your eyes on the prize. Every little step you take to get rid of your debt will pay off.  It might not seem like it right now, but it will as long as you keep it up.

Here are some ways to help you take the steps you need to commit and stick to repayment plan and finally rid yourself of that debt monster.

Create a Minimalist’s Budget

Create a budget, or rework your existing budget to maximize your debt repayment strategy. Look at every little item on your budget and get rid of any items that are not essential. And any ways you can save more on other essential items such as groceries.

How to Save Hundreds on Groceries  Budget Basics

Don’t worry, this is temporary, you can add items back in once your debt is paid. Or, you may realize these things just weren’t as important than you thought they would be and don’t need them anymore.

Set a Payoff Date

Now that you have whipped your budget into shape, you have a better idea of how much money you can dedicate to your debt repayment plan. Take your total debt amount and divide it by the amount you are able to throw at your debt each month.  This will give you the number of months it’ll take to get rid of your debt.

The number of months won’t be an exact date since interest rates and such were not used in the calculation. But it’ll give you a good idea. Write that date down somewhere and when things get you down, remind yourself that there will eventually be a light at the end of the tunnel.

Decide on a repayment plan

Two of the most common methods are the “Debt Stacking” method and the “Snowball Debt” method.

The Debt Stacking method is done by attacking the debt with the highest interest first. Once that is paid you stack the amount to the minimum payment you are making on the next highest interest debt and so on until you are debt free.

The Debt Snowball method is where you attack the debt with the lowest balance first. Once that is paid you stack the amount to the minimum payment you are making on the next lowest balance debt and so on.

Personally I prefer the Snowball Debt method; although the Debt Stacking method will save you some money on interest in the long run, you see results faster with the Snowball Debt method.  Just seeing the results of having one debt paid off seems to be so encouraging and will help to keep on going.

Now that you have a plan of action, here are a few posts with ideas on how to bring in some extra income and help kick your debt repayment efforts into high gear.  Find creative ways to make extra money to help move things along quicker.  The more you do, the faster you will get that monkey off your back.


Cash in on Clutter Money Earning Ideas Pay loans off faster

How to be Proactive About Paying Off Debt

How Amazon Got Me Out Of Debt

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**This post may contain affiliate links

How to be Proactive about Paying Off Debt

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  1. //

    Debt is something which always creates pressure over the minds of people. Thus, paying it as soon as possible is the only dream of every person. This article provides you a full strategy of paying the debt quickly. You can follow the steps provides and you will find it out to be really helpful.

    1. //

      Definitely, the sooner the better!! Then you can get on with you life without financial worries.

  2. //

    Too many young couples, especially, get in debt over their eyeballs very quickly. They succumb to peer pressure & buy a very large home, two SUV’s, and the best furniture & furnishings. A large mortgage, maxed out credit cards, & all too often, very large student loans that start repayment. Your second paragraph where you say they are not willing to bite the bullet & budget debt repayment is so true. Some, of course, are so deep in debt, I don’t know how they maintain their sanity. Both working two jobs just to juggle the debt. I’m a firm believer in no debt and my wife and I have been that way for quite a few years. As you said, it can be done, if you’re willing to create a good budget that emphasizes debt repayment. Not easy, but can be done!

    1. //

      Thank you so much for your input. There are a lot of great points you make that reiterate what I said. You need to do your best now to get out of debt so you are able to truly enjoy your life without all the stress!! You are right, it is not easy but the sacrifice now comes with awesome benefits later!! :)

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