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Step by step guide
Before you can tackle debt, you need to face it head-on. It’s not easy, but avoiding it only makes it worse.
Write it down: List all your debts in one place (credit cards, student loans, car loans, etc.).
Include:The total balance.The interest rate (APR).The minimum monthly payment.
💡 Remember: This is just a starting point. Knowing the numbers helps you take control, not feel judged.
There’s no one-size-fits-all solution. Pick a strategy that motivates you the most:
Snowball Method: Start with the smallest debt first.Pay as much as you can on the smallest balance while paying the minimums on everything else.Once it’s paid off, move to the next smallest debt. Why it works: Small wins keep you motivated.
Avalanche Method: Tackle the debt with the highest interest rate first. Pay as much as possible on the high-interest debt while paying the minimums on the others.
Once it’s gone, move to the next highest interest rate.
Why it works: You save money by paying less interest over time.
💡 Tip: Use what feels right for your personality. Snowball is great if you need quick wins, while Avalanche works if saving money on interest is your focus.
It’s not about deprivation; it’s about small changes that make a big difference.
Cut costs: Cancel unused subscriptions or services.Cook meals at home instead of ordering takeout. Negotiate bills for internet, phone, or insurance.
Boost income:Pick up a side hustle or freelance gig.Sell unused items in your home (clothes, electronics, etc.).
Automate savings:Use any extra money you find to pay off debt automatically.
💡 Challenge yourself to redirect just $5–$10 a day toward debt. It adds up faster than you think.
Falling behind on payments? You’re not alone, and there’s no shame in asking for help. Call your creditors and explain your situation.
Ask about: Lowering your interest rate.Setting up a temporary payment plan. Waiving late fees. If you're feeling stuck, consider working with a nonprofit credit counselor to negotiate on your behalf.
💡 Advocating for yourself can feel empowering. You might be surprised by how flexible creditors can be.
Paying off debt is like filling a leaky bucket—progress is slow if more debt keeps piling up.Stop using credit cards for non-essentials. Stick to a realistic budget (Spendset’s How to Budget can help!).
Build an emergency fund ($500–$1,000) to avoid relying on credit in a crisis.
💡 Focus on progress, not perfection. Small steps are still steps forward.
Debt repayment is a marathon, not a sprint. Acknowledge the effort you’re putting in, even if it feels slow.
Paid off a debt? Treat yourself (responsibly).
Track your progress visually to see how far you’ve come. Share your milestones with friends or family for encouragement.
💡 Remember: Every dollar paid toward debt is a step closer to freedom. Celebrate that
