How to get out of debt quickly?
Do you feel like your life is all about paying the installments? The paycheck is just passing through because it's immediately sucked up by loans, credit c... See more
How to get out of debt quickly?
Do you feel like your life is all about paying the installments? The paycheck is just passing through because it's immediately sucked up by loans, credit cards, paylaters?
Relax, you are not alone. Many people are trapped in a cycle of debt. It feels like running on a treadmill, tired but not going anywhere.
Debt is like a wound. If you just keep quiet, the infection will get worse. It has to be treated now, it's a bit painful but it heals quickly. Here, I'll tell you how.
1. Stop digging new holes. Pull the brake now
The first rule of getting out of a hole: stop digging.
Meaning: stop adding new debt. Delete all pinjol applications. Cut up your credit cards if necessary. Block paylater.
As long as the debt tap is still flowing, it will never be paid off. It hurt at the start. But this is the foundation. Not negotiable.
All 0% or "pay later" promos are traps. Hold on to your pride first. Focus on your breath.
2. Data on all your debts. Face the truth
Many people are afraid to see the total debt. In fact, ghosts are only scary if you can't see them.
Take paper, write everything:
Debt name: Loan A, Credit Card B, Debt to friend
Remaining debt: How much is the total
Interest/Instalments: How much do you pay a month, what percentage is the interest
Already? Totalin. You feel nervous, right? It doesn't matter. This is the most important step. You can't win against an enemy you don't know.
3. Choose a weapon: Snowball vs Avalanche Method
Now that you know the total number of enemies, now choose how to attack them. There are 2 most effective ways:
Snowball Method: Pay off the debt with the smallest nominal amount first. For example, a debt to a friend of 500 thousand. Clean it up. It feels like winning, makes me enthusiastic. After that, you put the installment money into the next smallest debt. Over time your snowball gets bigger.
Avalanche Method: Pay off the debt with the most stifling interest first. Usually a loan or credit card. 20% interest a month is crazy. Turn off the fire first so it doesn't get bigger. This is the most mathematically efficient.
Which one to choose? If you need quick motivation, use Snowball. If you are a logical person and want the smallest total payment, use Avalanche.
4. Look for extra money. Just saving money won't be enough
Just be honest. If your salary has already been used up for basic installments, saving 100 thousand a month won't help.
You have to increase your income. Point.
No need to resign immediately. Start small. Have an idle motorbike? So the courier is late. Are you good at typing? Become a freelance admin. Do you like nagging? Create content.
The experience of being trapped in debt is expensive. Tell me. Tell people what mistakes you should make, don't copy them. Upload your writing or video on Zoyalink. Every time someone reads, you get paid. Not bad for getting into debt. No need to be embarrassed. In fact, the story is that you can help other people so they don't get trapped too.
5. Negotiable or galbay? If you're stuck
If the interest is already running, late payments are piling up, you can try to negotiate.
Call the bank or loan. Be honest: "I want to pay, but I can't afford the interest. Can I just ask for a reduction in the principal?"
Many have succeeded in getting restructuring. The installments become smaller or the interest is removed. They also want their money back rather than giving you the full price.
But remember, negotiating is for those who really intend to pay. Don't use it to smear.
6. Sell goods, maintain self-esteem
Check your room. Have an iPhone but still paying in installments? There are 2 million shoes but every month you eat noodles?
Sell.
The prestige of paying debt is more expensive than the prestige of holding an iPhone. Lower your lifestyle temporarily. Change the motorbike to a cheaper one. HP downgrade first. This is only temporary.
Embarrassed? Which is more embarrassing to be billed by a debt collector at the office or at home?
So, can it be fast or not?
Can. But "fast" is relative. It won't be paid off tomorrow.
Fast means you won't add any new debt starting today. Fast means you have a clear plan and carry it out. Fast means that in the next 6 months or 1 year you will breathe a sigh of relief.
Having the debt paid off feels like a 10 kg burden has fallen off your shoulders. Sleep soundly. No longer afraid every time an unknown number calls you.
Start from step number 1 now. Stop digging holes.
What methods are you currently using to pay off your debt? Or are you still confused about where to start? Write in the comments.
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How to get out of debt quickly?
Do you feel like your life is all about paying the installments? The paycheck is just passing through because it's immediately sucked up by loans, credit c... See more
Do you feel like your life is all about paying the installments? The paycheck is just passing through because it's immediately sucked up by loans, credit c... See more
