Is anyone else in the same boat as me? I’ve got a personal loan, a home loan, and two credit cards. Keeping track of everything feels overwhelming. How do you all manage multiple debts? Any tips or advice would be appreciated!
I had a similar issue before. I focused on paying off the smallest balances first. It kept me motivated as I cleared them one by one.
One minimum payment at a time is how I’ve been handling mine.
Lyle said:
One minimum payment at a time is how I’ve been handling mine.
If your credit card has a high interest rate, like 29%, you might want to pay more than the minimum.
Lyle said:
One minimum payment at a time is how I’ve been handling mine.
How many debts do you have? Are you managing them just by paying the minimum?
I struggled with this for years until I sat down and reviewed my spending over a few months. I sorted everything into needs, wants, and savings/debt repayment categories. From there, I made a budget using a spreadsheet. Now, I track my finances monthly, and it’s been a game changer for me.
I used to rely on Mint for tracking. It was great until it got bought out, and now it’s not the same.
Blaze said:
I used to rely on Mint for tracking. It was great until it got bought out, and now it’s not the same.
I didn’t switch over either, and I really miss how simple Mint was.
You could consider reaching out to a nonprofit credit counseling agency. They can help create a plan for managing your debts. Just be sure to research the company’s reputation before signing up for anything.
Are you doing a detailed monthly budget? Sometimes managing debt isn’t enough—you might need to focus on reducing it. Spending less than you earn makes a big difference.
Zeke said:
Are you doing a detailed monthly budget? Sometimes managing debt isn’t enough—you might need to focus on reducing it. Spending less than you earn makes a big difference.
I think I need to start reviewing my spending. All these suggestions are really helpful.
@Keaton
Have you figured out where most of your spending goes? That’s usually a good place to start.
Ren said:
@Keaton
Have you figured out where most of your spending goes? That’s usually a good place to start.
Not yet, but I’ll work on it.
Everything starts with a solid budget. Write down all your income and expenses. Then, figure out what you can cut or reduce. Focus on paying off high-interest debts first—it’ll save you a lot in the long run.
@Hadi
Thanks, I’ll give this a shot!
I use a spreadsheet to track everything. There are great templates online to help get started. For debts, I use an online calculator to see how much I need to pay each month to clear them in a specific time frame. It’s really helpful.
What’s the interest rate on your loans and credit cards? If the rates are high, focus on paying those off aggressively while keeping up with minimum payments on the rest.
I used to split my payments into smaller amounts throughout the month to make it easier to manage. Organizing bills by due dates also helped me a lot. Maybe try that?
I use the Debt Payoff Planner app. It’s been super helpful for tracking my debts and planning payments. It’s affordable too, only $25 a year.
Alston said:
I use the Debt Payoff Planner app. It’s been super helpful for tracking my debts and planning payments. It’s affordable too, only $25 a year.
That sounds like a great tool. I’ll check it out!