Debt Repayment

It's essential to stay motivated throughout the process of paying off your debts. Otherwise, you could lose motivation and forget about your plan entirely.
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We tend to think of debt as a bad thing, and it can be. But debt repayment doesn’t have to be scary or overwhelming! With a focused plan, debt repayment doesn’t have to take forever either. In fact, with some essential tips and tricks on following a debt repayment schedule, you could completely wipe out your debt in under five years with a healthy amount of money left over.

But first things first: planning a debt repayment schedule is the key here. With your debt repayment schedule, you want to develop a plan for exactly how much money you have and when your bills are due. If you do things this way, you’ll be able to keep to a budget that works in real-time rather than a plan intended to be carried out over the year. It’s pretty significant.

Only then can you start following some debt repayment schedules that will help you wipe out your debt as fast as humanly possible.

If you haven’t already, make a list of all your debts. Include what you owe, who you owe it to, their contact information (in case they offer any interest or payment discounts), as well as when each payment is due. This will serve as your budgeting guide, and you can start by organizing your debts into two basic categories: debts with the highest interest rates and debts with low-interest rates.


High-interest rate debt is any debt that has an interest rate of 6% or more. This sort of money would include credit card debt, payday cash loans, student loans, etc. Low-interest rate debt would be anything less than 5% interest and could consist of student loans for a certificate or degree, as well as mortgages.


To determine if you should pay off your debts with high-interest rates first or your debts with low-interest rates first, calculate the difference between their interest rates. If it’s more than 1% (i.e., your high-interest debt has an interest rate of 10%, and the low-interest debt has an interest rate of 5%), then you should pay off your debts with high-interest rates first to save yourself more money in the long run.


Of course, not all bills are equal either; sometimes, they vary depending on when you are expected to make payments. If your accounts are due in the future, plan to pay them either the same day or the day after they are due. This means that you’ll have needed money saved up beforehand if it’s a larger bill, but over time this will help you save more money overall by minimizing late fees and interest payments.

Once you've planned your debt repayment schedule, it's time to get started!

To pay off your debts on a schedule that works for you, set up an automatic transfer from your bank account to the bank accounts of all the companies you owe money to each month. This will help ensure on-time payments and keep track of your debt repayment schedule easily.

Use any extra money you have to pay off your debts with the highest interest rates first. Saving up small amounts of money over time can add up too – imagine what $5 or $10 here and there could do for you when it comes to getting out of debt! After you’ve paid off all your high-interest debts, move on to your low-interest debt.

It’s essential to stay motivated throughout the process of paying off your debts. Otherwise, you could lose motivation and forget about your plan entirely. That’s why it’s a good idea to work with a financial advisor who can help motivate you along the way. They may be able to offer debt consolidation loans to help you pay off your debts faster or even lower interest rates for some of your debts.

Just remember that paying off your debt doesn’t happen overnight – it takes time and patience! But once you’ve completed your journey to becoming debt-free, you’ll be glad you stuck with it!

So don’t give up yet! You can do it, take it one step at a time, and you’ll be well on your way to being debt-free. It is essential to keep in mind that whatever works for one person might not work for another. There are no set rules for making a plan to pay off your debts, but if you do what works best for you, it should be much easier!

Furthermore, everyone’s lives are different. It might take a little more time to pay off debts for someone who has a family or children to take care of versus someone who doesn’t have those responsibilities. What works best for one person might not work best for another, but knowing your priorities and sticking with them will make all the difference!

Lastly, it is essential to note that paying off your debt can drain your relationships. It’s possible you will feel overwhelmed and/or frustrated (especially if you are dealing with high-interest rates), which could make even the most loving of your family members seem like antagonists in the story of getting out of debt.

But don’t let that discourage you – if anything, it should motivate you to work harder and resolve your debt! Work through those feelings with a therapist or trusted friends and family so that when the time comes to pay off your debts, you can stay focused on what’s important.

For example:

-High-interest rate debt first (e.g., credit card debt)

-Once high-interest rate debt is paid off, switch to paying the minimum on all other loans except the one with the smallest balance (e.g., student loans)

-Once that’s paid off, switch to paying only the minimums on your lower interest rate debts until they are all paid off

It is important to note that the above is just an example of planning out your repayment schedule. It might be something you consider doing if paying off debt is your priority, but it’s not necessarily the only option!

You could also pay down debts with higher interest rates first, then work towards lower interest rate debt or vice versa. The most effective method to deal with your debt is to develop a payment plan that works for you. There are so many different ways to pay off your debt – it’s all about finding one that suits you and your needs!


Do you have debt? Are you looking for a way to get out of it and feel more financially secure? If so, then let us help. We can walk with you through the process of creating a repayment plan that works in real-time rather than over time periods.

This will give you an idea about what your budget is on any given day rather than just monthly or yearly numbers. It’s pretty remarkable how much this improves things when it comes to daily financial management! Call The Oasis Firm today!

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