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Get Ahead on Paying Down Debt

Oregonians Credit Union Oregonians Credit Union Apr 23, 2025 2 min
Couple looking over bills at kitchen counter

Debt can feel like climbing a mountain with no end in sight. But with strategic planning, you can get ahead of and reduce your debt faster than you thought possible. Here’s how:

Step 1. Assess your debt

  • List all debts. Include balances, interest rates and minimum monthly payments for each account.
  • Identify high-interest debt. Credit cards and payday loans typically have higher interest rates, which means they cost you more over time.
  • Calculate your debt-to-income ratio. Divide your monthly debt payments by your monthly income. This gives you an idea of how much of your income is tied up in debt.

Step 2. Set clear goals

Decide when you want to be debt-free and calculate how much you need to pay monthly for meeting that goal. Be sure to celebrate along your journey by breaking your debt into smaller chunks and rewarding yourself when you hit milestones.

Step 3. Choose a debt-repayment strategy

Choose from one of these popular debt repayment strategies:

1: The debt snowball method. Pay off your smallest debt first while making minimum payments on the rest. Once the smallest debt is paid, move on to the next smallest debt.

2: The debt avalanche method. Focus on paying off the debt with the highest interest rate first. Once that’s paid, move to the next highest.

3: Balance transfers or consolidation. Consider transferring high-interest credit card debt to a card offering a 0% introductory rate, or consolidating multiple debts into one loan with a low interest rate and manageable payment.

Step 4: Reduce expenses

Every extra dollar saved can go toward paying down debt. Trim your budget by looking for ways to cut back on your expenses. You can cancel subscriptions you don’t use, eat out less often and shop smarter by using coupons and shopping sales.

Step 5: Boost your income

Bring in extra cash to help you meet your debt-kicking goals with a side gig, like freelancing, ride-share driving or selling handmade goods. You can also sell unused items you have around the house for extra cash.

Step 6: Automate and stay consistent

Make sure you never forget to meet your monthly debt payment goals by setting up automatic monthly payments, which will help you avoid late fees and additional interest. You can also set up biweekly payments, which means you’ll be making one extra payment each year and helping you pay off debt a bit quicker.

Step 7: Avoid new debt

As you work toward paying down your debt, be sure to avoid taking on new debts. Stick to cash or debit, and have a robust emergency fund you can rely on in case of unexpected expenses.

Step 8: Monitor your progress

You can use a debt-tracking app or a simple spreadsheet to see how much you’ve paid off and how much remains.

Use the tips here to get ahead on paying down your debt!

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