If you want to go for the self-repayment strategy, the following steps might as well be included in your list.
- Communicate with your creditors immediately - contact your creditors and explain to them your situation. Negotiate with them a repayment plan that will suit your present financial capability.
- Increase your minimum monthly payments - try to increase your monthly payments so that you are able to repay your loan faster. In that way, you can save more money in the end.
- Use your savings when making your monthly payments - repay your debts with your savings. In that way, you do not have to take out another loan just to cover for your present debt.
- Pay off your high interest debts first - You should pay your debts that carry the highest interest in that way, you do not have to pay for additional interest charges.
- Borrow from your family and friend - you can ask for financial assistance from them for they won't add interest rate to the amount you will owe to them, would they?
- Reduce your expenses - you really have to cut your expenses into a lower scale. Yes, it will surely hurt, but it will make the repayment process easier and quicker.
Now, you can pay off debts with your own repayment strategies. Just be sure to follow all of those and you could be on your way to financial freedom.
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