How to Pay Off Debt Fast
STAY Debt Free FOREVER even on low incomes
Working with Creditors
In her video, Jennifer advises viewers to work with Creditors to sort out a plan to gradually then completely clear debts:
Money Stacks Method spreadsheet
Paying Off Money v Interest
The more money that’s paid off, the less Interest needs to be paid to achieve the desired outcome of eventually no debts.
If the creditor is offering a High interest rate, negotiate with the creditor to try to reduce the interest to a lower, more manageable rate.
Free Charities and Third Parties for Clearing Debt
For Debt Repayment Plans, there are charities and companies out there that can help get you through your repayments if you can’t afford the minimum repayment plan.
NB: Watch out for businesses implementing repayment plans that are in Their favour to make lots of money out of you.
This is where free charities come in.
They are are a more favourable option for debtors so they’re not stung with high interest.
If you choose a third party option, ensure it’s your last resort so you don’t end up with high interest charges.
Analyzing Interest Rates
Also, analyze your Interest Rates so you’re not overcharged.
Strategies
Like in her other videos, Jennifer offers various strategies in this video on making the most out of clearing debts as cheaply and as quickly as possible.
Look out of her Budget Success Bootcamp among her courses to help people with invaluable financial advice.
3 Main Debt Repayment Options
Jennifer refers to different types of Repayments:-
* The Snowball method
Smallest debt first
* The Avalanche method
Based on Percentage, this focuses on the Interest charge per month and Interest rate on each debt
* The Snowflake method
Tiny amounts to assign to your debt
80/20 Principle
20% of your habits will drive 80% of your success
Keeping Track of Your Debt with Jennifer’s Debt Spreadsheet
Like in Jennifer’s other videos, she shows you her Debt spreadsheet on how to keep track of your debts until they’re eventually cleared.
Money Stacks Method
Categorize how you use your money to ensure you spend, save, investing and giving well.
Add More Money Into the Mix
Plan multiple ways of making extra money as side hustles to speed up clearing your debt.
Also, offer your services to people with your skills as another means of increasing your money and decreasing your debt.
Celebrate Your Win
Lastly, Celebrate Your Win as you tackle your debt.
Create a Life Changing Financial Plan — From $20k debt to Wealthy in 5 years and beyond
Should I Pay Off Debt or Invest?
How to Pay Off Debt FAST — Even on a Low income
