Debt Repayment Strategies

Everyday expenses can add up fast. If your loans are hard to manage, you’ll benefit from strategies which can help you take control of your situation and reduce your debt.

Credit cards and personal loans attract reasonably high-interest rates, which results in debt that needs to be paid back before it spirals out of control.

Our team can help you calculate how much money you need to save, spend or invest in order to help manage your debt. Will help you set realistic goals that you can confidently work towards and create a budget that allows you to reduce your debt in a manageable timeframe.

By following the steps outlined below, we can help you bring your debt under control:

Know What Your Debt Is

It’s important to gather as much information about your debt as possible. Information on how much you owe, the interest rates for each debt owing and the monthly repayments you’re making should be collated into an easy-to-read table.

Analyse the Table

If you have multiple loans, which has the highest interest rate? Which has the lowest balance? What is the cost per annum of each debt?

Stick To It

Whatever the strategy you choose to pay off your debt, you need to stick to it. Paying back a credit card or personal loan is never fun – it takes discipline and a change in attitude to make it work.

Have A Goal To Work Towards

Instead of putting pressure on yourself to pay it all back in a certain timeframe, create smaller, more achievable goals that work for you.

Ask For Support

Seeking the support of a Financial Adviser is often what people need to get help with their debt and reduce it over time.

If you would like to know more, please contact us at Central Coast Financial Planning Group on 1300 143 510.

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