3 Methods for Paying Back Your Debts

By now, you should have a clear picture of how much money you can manage to pay back and when you will be able to pay it back. The next step is to decide how much you will pay each creditor and how long it will take to pay off each creditor. Try to set up your plan so you pay your creditors back within three years.

The debt payment plan can be done in several ways.

  1. You may choose to give each creditor an equal amount.
  2. You may choose to pay a larger portion to the creditors owed the most money—a smaller amount to those you owe the least.
  3. You could choose to pay back a percentage of the total monthly obligation based on the amount of money available for debt payments.

Your thoughts on this subject? Your comments appreciated!

Content © Rich Brott, 2011

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Reader Comments

I prefer the Debt Snowball – it gets you victories early and often – something that really helps an individual adapt well to a lifestyle change!