1. Understand Your Debt Situation
  • List all your debts: balances, interest rates, and minimum payments.
  • Create a debt overview to see the bigger picture.
2. Choose a Debt Payoff Strategy
  • Debt Snowball Method: Pay off the smallest debt first for quick wins.
  • Debt Avalanche Method: Focus on high-interest debts to save money over time.
  • Provide examples of each strategy with simple calculations.
3. Negotiate with Creditors
  • Call your creditors to ask for lower interest rates or payment plans.
  • Discuss hardship programs and balance transfer options.
4. Cut Expenses and Increase Income
  • Identify unnecessary spending and redirect that money toward debt payments.
  • Explore side hustles or freelance work to boost your income.
5. Stay Consistent and Motivated
  • Track your progress using apps or spreadsheets.
  • Celebrate small milestones to stay encouraged.
  • Join online communities or forums for support and accountability.