Episode 32: How to Tackle Debt

Debt is something almost all of us face, yet we are never really taught about how this actually works. As a result thousands of people struggle to meet their debt repayments and thousands have way too many loans and owe too much.

In this episode we go through a 5 step method to tackle your debts. A summary is below.

1. Gather all debts into one place -use excel or a notepad 

Include loan amount, lender, interest rate, when you took the loan out, what the loan is for, minimum monthly payment and any fees (late or early repayment fees)

1. consider collating all debts under one new loan - take out a low interest loan pay all debts off then start tackling this new loan.

2. decide how much you can pay monthly

3. Decide on the debt plan - debt snowball or pay of the highest interest balances

4. Pay off the debts 

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I do take topic requests so please email me at monsui@icloud.com (forgot to mention in this episode)

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