Sunday, August 8, 2021

Financial Trouble? Here Are Steps To Help You To Pay Off Your Debt


“I am in deep financial trouble. I don’t know how to pay off my debt!” This is what I hear from other people nowadays especially from those who lost their jobs from the pandemic. Even if they receive allowances from the government, it’s still not enough for others to pay off thousands of dollars worth of credit card debt. 

Steps To Pay Off Your Debt

So even during the pandemic, if you really want to start solving this problem, you got to take some steps to solve them. Here they are: 

  1. Recognize that it’s a problem. In my own experience, I didn’t recognize that my credit card debt is a problem so what I did was I just paid the minimum required amount and just continued using the credit card thinking that I can pay it up. But once I realize and recognize that it’s a problem that I must take seriously, I took up steps to stop using my card. 

  2. If you have multiple credit cards, it might be best if you consolidate all your credit card debt and transfer them into one card only. Do some research on what bank is most convenient for you to arrange these kinds of financial transactions, bank that gives the most convenient payment system (online if possible),  and which bank gives lowest interest rates. 

  3. Create a budget for paying off debt. According to an article from, the first step to relieving debt issues is to create a budget. To track your expenses and income, consider a budgeting app. “(They) can seem overwhelming to set up in the beginning.” 

  4. Pay above minimum. If possible, the money you’re planning on spending on eating out or luxury shopping, set it aside and use it to pay  your debt. It’s a bit tough especially if you’re used to buying what you want at the spur of the moment, but you’re going to have to make little sacrifices if you want to solve the problem.  

  5. Sell unused items. Look around your house and check if you have items that you no longer use; bags, wallets, mobile phones, laptops, printers, even tables, lights, etc. Use the money earned to pay off your debt, but save a few bucks to buy yourself a nice cup of coffee because you deserve it for taking steps towards financial freedom. 

  6. Use auto-payment system features from your bank. For those who lack the discipline to save, this option might be a good idea for you and let your bank do the disciplining for you. Every payday or any date of your choosing, you can tell the bank to automatically deduct, let’s say, $100, $200, $250, or even $500 and pay it directly to your credit card debt. 

  7. Uninstall e-commerce apps in your mobile phone. In my case, I uninstalled shopping apps that prompts me that there’s a sale in their app. Whenever there’s a sale,  I get to open the app, check the item out, not buy it, but I get to see other items that are on sale and tempts me to buy them.  There’s also a tendency that when I’m bored, I look at the app and see what’s on sale, and I don’t want to have that kind of habit if I were to pay off my debt. 

  8. If all else fails, consult with a professional. Contrary to common knowledge that only psychologists are the only people you can come to when you need help, there are also people you can come to if you need help with credit card debt. They can help you by giving professional advice or counseling on what to do to solve your problem.  

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