Start by making a list of your existing debts. This includes credit cards, loans, mortgages, etc. Note down the amount of each debt, interest rates, and the due dates.
Prioritize Repayments
Once you've outlined your debts, prioritize repayments. Start with debt with the highest interest rate. Also known as 'avalanche method', this strategy results in least amount of interest over time.
Follow a Budget Plan
Create a budget that includes your income & expenses. Dedicate a part of it to debt repayment. Ensure periodic review and adjustments to this plan for smooth debt management.
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