To be able to pay off debt, of course, requires high commitment and a long struggle. If it is done “in moderation”, gradually the debt can be repaid. But other ways can make someone immediately free from debt. A strong desire to be able to pay off debts immediately is certainly not enough. It takes special actions that can make the progress of debt bill payments resolved quickly. For example, proactive steps that can speed up or even ease you in paying the debt. Always be aware of the deadline for paying bills so that the debt can be paid off immediately. How come? When paying bills only one day late, you are required to pay more fees because you are subject to additional interest charges, which will damage your max credit score.
It looks insignificant, but if done repeatedly, the number of fines will also mount. Not to mention if interest expense due to deadlines accumulates principal interest. The number of bills will certainly be doubled. Therefore, so that the debt repayment process can be carried out smoothly, always remember the deadline for paying bills to avoid having to pay additional interest. To pay off debt quickly, having a strong commitment is not enough. Planning is needed in your financial sector so that the debt bill payment process can be carried out regularly without disturbing other basic needs. When making a debt repayment plan, two strategies are commonly used. The first strategy is to prioritize the settlement of bills that have the highest interest expense. This method will certainly make the interest expense on the debt less likely because it can be paid off immediately.
The second strategy is to pay off the debt that has the least balance. This method is good to do if the debt you have can be paid off in the remaining 2 to 3 payments due again. So, the amount owed can be reduced immediately. Even though the principal has been paid, when the funds are remaining, there is nothing wrong with paying it to the creditor. Besides being able to make the debt repayment process faster, if it turns out that in the future you cannot pay bills, the stored balance can be a helper.