Debt Management

Many people who have debt blindly make their minimum payments each month without a single thought about paying off the debts. Being committed to putting a plan in place to reduce your debt is the first big step to a future of financial freedom.

  1. Make a plan to get out of debt
  2. Calculate your total debt
  3. Prioritise your creditors
  4. Determine how much you can pay
  5. Make the plan
  6. Put your plan into action

The plan is just one part of getting out of debt. The next part – the part that takes the most time – is actually making the plan happen. If you've plugged your debt into a debt repayment calculator then you know it can take several months, even years to completely pay off all your debt – go to

Revisit and update your plan continually as you make payments on your debt. Make changes when your financial situation changes, for example when your income decreases or increases or you take on or get rid of expenses.

Put extra money towards your debt as often as you can; the more you can pay, the sooner you'll be out of debt.

Don't be discouraged by setbacks – you may experience them from time to time. The key is to pick up immediately and not get derailed by complications.