Smart Finance: How to Create a Debt Payoff Plan
Step-by-step strategies to eliminate debt and take control of your financial future.
Start by Listing Your Debts
Organize all your debts, including the balance, interest rate, and minimum payment. Knowing what you owe is the first step.
Choose a Repayment Strategy
- Debt Snowball: Pay off the smallest debt first to build momentum.
- Debt Avalanche: Pay off the highest-interest debt first to save money over time.
Stick to Your Budget
Create a realistic budget that prioritizes debt payments while covering essentials and saving for emergencies.
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