Debt Repayment Strategy
To get out of debt, you need to make a debt repayment plan, and you need to stick to it. Climbing out of the financial hole you dug yourself into is possible, but it will take some time.
My favorite get out of debt and get wealthy financial advisor is Dave Ramsey.
If you’ve listened to his podcast or watched him on Youtube, you know that the people who follow his baby steps are able to get out of debt usually within 24 months and build an emergency fund of 3 to 6 months of expenses to protect them from financial hardship.
Tracking your debt repayment is essential to getting out of debt fast. Some people write all their debts down on a sticky note and cross them off as they go… but the more left-brained types want to keep their debt repayment plan in one spot – like an app or spreadsheet.
Best Multiple Loan Payoff Calculator
One of the best tools you can use to monitor your debt payoff plan is the Undebt.it payoff calculator.
Here’s what the Undebt.it loan and credit card payoff calculator can do for you:
- Multiple debt payoff plan options like the Debt Snowball or Debt Avalanche, including custom plans
- “Debt Snowflake” additional/one-off payment support
- Add unlimited debt accounts and track them as you payoff your debts one by one
- Sortable & exportable payment history per debt account
- Summary view with projected payoff date & total interest
- Responsive design works on all major web browsers, tablets and phones
By using the Undebt.it loan/credit card & debt repayment calculator, you can track your loan repayment process seamlessly.
Once you’ve entered all your info into the Undebt.it loan payoff calculator, you’ll want to stay on top of your payment plan weekly.
To accelerate your loan payment plan and get out of debt faster, you may want to pick up a second part time job or add a side hustle for extra income.
Do you know what you will do with the wealth you are creating after you get out of debt? Dave Ramsey’s Total Money Make-Over can give you the baby steps you need to get out of debt & create wealth in your life.
I’ve read this book and am an avid listener to his podcast. His advice is 100% solid and if you are willing to live by the principles he shares, you’ll build the wealth you deserve and enjoy the money you make as you should.
(See which Dave Ramsey books I recommend to get out of debt.)
**Please note, there are affiliate ads or links in the above post. I recommend products when I find them useful. If you buy a product I may make a commission at no cost to you.