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STEP 5:
PAY OFF DEBT

Why pay off your debt?

Carrying debt can feel overwhelming and hold you back from reaching your goals. The longer you stay in debt, the more you pay in interest, but getting rid of it means keeping more of your money. Without monthly debt payments, you can start saving, investing, or focusing on what matters most. 

How to pay off debt

  1. List Your Debts: Note amounts owed, interest rates, and minimum payments.

  2. Pick a Plan:

    • Debt Avalanche: Pay high-interest debt first.

    • Debt Snowball: Start with the smallest debt.

  3. Budget for Payments: Use extra money to pay off debt faster.

  4. Automate Payments: Avoid late fees and reduce interest costs.

  5. Find Extra Money: Use bonuses, tax refunds, or side hustles to pay down debt.

Start Today:

List your debts and pick a plan to pay them off.

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