Create a plan for debt repayment from "summary" of The 7 Most Important Money Decisions You'll Ever Make by Mary Claire Allvine,Christine Larson
When faced with debt, it can be overwhelming to know where to start. One of the most important steps you can take is to create a plan for debt repayment. This involves taking a close look at your current financial situation, including your income, expenses, and debts. By understanding where you stand financially, you can begin to develop a strategy for paying off your debts in a manageable way.
Start by making a list of all your debts, including the total amount owed, the minimum monthly payment, and the interest rate. This will give you a clear picture of the debts you need to tackle first. Consider prioritizing high-interest debts, such as credit card debt, as these can quickly accumulate and become unmanageable.
Next, take a look at your budget and determine how much you can realistically afford to put towards debt repayment each month. This may involve ma...
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