If you have several credit cards or you’ve made several purchases on installment, you must be on top of every payment for these.
There are plenty of ways to manage your debt, and you can even search for how to make a Debt Repayment Plan on the internet. But here’s a two-step, simplified way so you can start organizing your debt and finances.
The first step in having an effective repayment plan is determining all your debt responsibilities.
a. Tabulate the information on all your debts: Lender, Amount Owed, Minimum Payment Due Per Month, and Due Date Every Month.
b. Arrange your list according to the Due Date. Organize it from earliest to latest.
If making a single monthly payment to pay all your debt isn’t possible on your current finances, you can set up two payment dates instead.
a. Divide your debts in two.
b. Designate two payment dates. Let’s say you have debts on the 5th, 12th, 20th, and 27th. You can pay your 5th and 12th bills every 1st of the month. And settle your 20th and 27th bills every 15th of the month.
Taking charge of your debt and finances doesn’t have to be very complicated. Be on top of your finance game with a simple Debt Repayment Plan.
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