7 Quick Ways To Pay Off Debts You Can Do | Quiet Life Without Burden!

Want to know how to pay a loan quickly? Try to see the explanation and apply the methods in this article, so that life is free from debt!

Debt is a financial problem that must be resolved immediately. Avoiding or delaying payment of debt is not a good practice.

The reason is that it will only add new obligations. Also, if you borrow it from illegal financial institutions that usually charge high daily interest.

Before knowing how to pay off debt, it is good to know the first type.

Debt Type:

• Short-term debt, the term is between 3-12 months.
• Long-term debt, the repayment period is more than two years.
• Productive debt, a type of credit for investment or business needs.
• Consumptive debt, a type of credit to meet consumer needs.

Then how about tips so you can quickly be free of debt? Check out the following review, yes!

7 Quick Ways to Pay Off Debt

1. Lifestyle Changes Can Be a Fast Way to Pay Off Debts

The inability to pay off debt can be caused by lifestyle and ways to manage money that are not good.

Ideally, the percentage of daily living expenses should not be greater than 30 percent of the amount of income in a month.

Luxurious lifestyles such as shopping for expensive items or weekends by spending money can affect finances. Immediately change this habit by doing activities that do not need to spend a lot of money.

Try you can allocate 50-70 percent of salary to pay debts.

2.Record all expenses

Someone not paying debt is not merely because they do not have money or income.

It could be because he does not have the ability to manage finances well.

Try to record daily expenses and monthly expenses, such as:

• Food needs
• Transportation
• Residence
• Investation
• Insurance
• Entertainment fee

Cut spending budget that causes consumer debt. Then multiply the investment in the hope that the return provided can patch debt.

You can start investing with deposits or mutual funds.

3.Quick Way to Pay Off Debt with a Financial Plan

Quick Way to Pay Off Debt with a Financial Plan. This step is done so that you can determine the priority scale, which debt must be paid off first. Write a list of debts and sort them from the highest to lowest loan amount and interest. 

ALSO READ: Ways To Get Money From The Internet Without Investment.

Then, make a target of how and when debt can be paid off.

4. Avoid Taking New Debt

Creating new debt to pay off old debt is not the recommended way.

It's best to avoid applying for new debt before you settle the previous debt.

In addition, this can also have a negative impact on the loan at a later time.

Because the bank will be difficult to give credit to customers who have a bad credit card history.

5. Selling valuable items that are not used

Another way is to sell some valuable items that you have, can be gold or even clothes, and other items that are not used.

Goods or clothing with certain brands that are in good condition still has high selling points.

You can use social media or e-commerce to market it.

6. Look for Additional Income

There are no valuables that can be sold, so inevitably you have to have an income by finding additional work.

Try various opportunities and take advantage of the skills and abilities you have to get a side job.

You can be a tutor, dance teacher, graphic designer, or freelance writer.

In addition, you can also try your luck at being a motorcycle taxi or online taxi driver.

ALSO READ: Ways To Get Money From The Internet Without Investment.

7. Perform Credit or Debit Take Over

If the most burdensome debt is a large long-term debt such as mortgages, there is no harm in deciding to take over credit or sell a house that is in installments.

This is done if the amount of your house installments turns out to be unable to cover your current income.

Or other conditions such as sudden employment termination which puts you as unemployed.

Besides being able to free from debt, take over credit also gives you the opportunity to get the cash that can be used for venture capital.

Hopefully, this information is useful for Friends.

Thank You...!