Was one of your goals for 2020 to start crush your debt repayments? Even with all the crazy twists and turns 2020 has thrown our way, there is still time to make progress on your goals. The problem with paying down debt is that it can feel so overwhelming. When you see the balance you owe or your monthly payments, it can feel easier to ignore it and just move on. But, in four simple steps, you can put yourself on a path to repay your debt. Why not start today?
Step 1: Get Organized—
First, even though it is scary, you need to get organized and truly understand your debt. To do this, set aside some time on your calendar to get serious. Schedule a “Debt Meeting” with yourself. Give yourself an hour or two of uninterrupted time to organize your debt and your thoughts surrounding them.
Gather Your Information
The first step to getting organized is to get all of the information about your various debts together in one place. Using statements you’ve received and your online account information take a minute to become familiar with all of your debt.
Write Down Key information
Now that you have all of your information in one spot, write down everything you know about your debts. For each debt, be sure to include:
- Type of debt
- Interest rate
- Amount you owe
- The monthly minimum payment
- Your monthly due date
- The time until the debt is