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The Proven Strategy For Getting Yourself Out of Debt

by | Mar 15, 2023

Debt-free

Tired of being in debt? Check out this strategy that show you how to become debt-free and stay that way!

The Proven Strategy For Getting Yourself Out of Debt: Are you ready to finally beat your debt and live a debt-free life? With the right strategies and determination, becoming debt-free is possible. Here are practical tips for managing your debts and getting out of debt for good.

The Proven Strategy For Getting Yourself Out of Debt

The Proven Strategy For Getting Yourself Out of Debt in South Africa

The Snowball Method

One of the most popular debt payoff strategies is the snowball method. This approach involves starting with your smallest debt balances first and working up to paying off bigger debt balances. To do this, you make minimum payments on all of your debts each month, but make extra payments on your smallest balance. As each debt balance is settled, you roll its payment into the higher amount owed on the next loan.

The advantage of the snowball method is that it helps people stay motivated because they can see progress quickly. As debts are paid off, you shift the payments you were making towards them to the next debt and see your payoff timeline decrease. This method can help keep you on track while you make your way through all of your debts. Additionally, this technique has been proven to cut down on interest accumulated over time as each loan is tackled in order from smallest to largest balance.

To begin with the snowball method, list all of your debts in order of smallest to largest balance. It’s helpful to include the minimum monthly payment and interest rate for each loan. You will pay the minimum payments on all of your loans except for the one with the smallest balance. You’ll apply any extra money you can find towards this loan until it is completely paid off. Afterward, take what you have been paying towards that loan and start putting it toward the second smallest loan. Put any extra money you find towards this one too, just as you did with the first one until it has been paid in full. Continue doing so until all debts are paid off, and you’re free from debt!

Debt Relief Solution SA

The benefit of this debt relief solution is that it allows you to start seeing quick wins. When you quickly pay off smaller debts, it helps keep up your motivation to continue payment on bigger debts. Additionally, paying down the smallest loan first grants the satisfaction that comes with seeing a combined balance decrease faster than if you had started paying the highest interest rate loan first. This method is effective and simple—just make sure to allocate the same amount of money each month, no matter which loan you are focusing on.

Once you have identified each loan and its amount, it’s time to start paying. It’s important to remember to stay consistent with the number or portion of extra payments you are making each month. The key is to keep contributing this same amount while shifting its focus from loan to loan as they become paid off. It’s essential to continue using any extra money towards your debt until your total debt has been relieved. Additionally, since you will be aiming at paying off the smallest balance first, interest will not accumulate too much over time due to this strategy being payment priority-based. This can significantly reduce the total amount of debt you owe in comparison with traditional methods of repayment.

Your Property is your debt solution 2

Pay Minimum Debt Repayments

Now that you know how the snowball method works and why it’s so effective, it’s time to roll up your sleeves and start making payments. Start by listing out your debt in order from smallest to largest balance, including the monthly payment amount and interest rate for each loan. Make a plan for how much extra money you expect to add each month, taking into account all of your expenses. Then, pay the minimum payments on all of your debts except for the one with the smallest balance. Focus on paying this loan off as quickly as possible while still setting some aside each month for emergency situations or other priorities so that you can remain consistent with your payments. Paying off debt is never easy, but following these steps will help you make steady progress towards a debt-free future!

Unlock property Equity and pay your debt

If you own a property contact Real Estate Assist who can help you unlock equity settle your short and medium term debt and recover financially and stay away from debt review

Real Estate Assist is an South Africa-based service that specialises in helping property owners unlock the potential of their assets. Through their services, they can help you pay off your short and medium term debts so that you can recover financially and stay debt-free. With their team of experienced professionals, they will assess your situation and come up with a detailed plan to help you achieve financial freedom. They also have access to numerous lenders who will offer fair loan terms to assist you in clearing any credit card debt or personal loan repayments. This could ultimately mean that you are able to reduce the total amount owed, making it easier to pay off and stay away from debt review. With Real Estate Assist at hand, you can be sure to get back on track and manage your finances properly from now on!

If you need additional services like stopping your auction or repossession, legal action, or sale in execution, Real Estate Assist can help you

Not only can Real Estate Assist help you pay off your short and medium term debts with their access to numerous lenders, but they can also offer additional services like stopping your auction or repossession, legal action, or sale in execution. With these extra services offered by Real Estate Assist, you could be able to take control of the unfortunate situation that has presented itself. These extra options provide a chance for those in financial difficulty to get the help they need. From offering sound advice on what steps are needed next and setting up an attainable repayment plan, down to diving into the details of negotiating with lenders and creditors, Real Estate Assist can provide the support you need to weather these tough times. Take advantage of all the help they have available so that you can regain control over your debt and improve your finances now and into the future at minimal cost that is not charged upfront!

We help you recover from debt in Cape Town

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Disclaimer: The information provided in this blog is for general informational purposes only and should not be considered legal or property advice. We do not take responsibility for any actions taken based on the information provided in this blog. It is always recommended to seek professional advice for your specific legal or property needs. Contact us (Real Estate Assist) if you seek such advice and we will appoint a professional from our team to be of assistance.

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Please Note: We are unable to provide assistance if you do not own a property. Real Estate Assist specializes in helping property owners who are experiencing challenges with their mortgage payments. If you own a property and require support with debt consolidation without going through the debt review process, our team is here to help you explore options to unlock the equity in your home for necessary family matters.

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