Let’s face it. It is extremely simple and easy to get into debt these days. You can borrow money for just about anything.

So what are you going to do when you find yourself in debt up to your ears?


I have to make a disclaimer. I am not a financial advisor, I am simply sharing with you what has worked for me and how I managed to become debt free.

So firstly I would recommend that you take the time and become fully aware of the situation. Sit down, pull out every single statement you can find that relates to debt – store card, credit cards, car loans, personal loans and mortgages. Once you have them, note down your closing balances so you know what you owe.

Then get familiar with all their costs. Yes, not only you are in debt but those debts cost money to keep. Scorecards can be as much as 27.5%! Not to mention their account keeping fees and admin fees and the like.

Then have a look at what the minimum repayments are per month, whether they can be repaid early or if they have to be paid on full term. All these things you will need to take in consideration.

Also note down how much you are currently paying on each of these. You may find that some of them you are paying more on than what you need to.

After the ‘detective work’ of unearthing all the fees and charges you can start devising the plan. I recommend to start with the lowest balance, highest cost debt first. The reason for that is that once you pay the lowest balance off you get a sense of achievement and will feel like you are kicking debt’s but and want to keep going.

Once one is gone, you cannot spend the money you no longer put into those repayments! You roll it into the next one. This is how you can get an avalanche going. Once you pay your next debt off you take all those funds and focus it on the next debt. Keep it going until you are debt free. The results can happen faster than you realise!

And don’t stop there!!! Once all debt is paid put the money that used to go on repayments toward your savings plan. Imagine how quickly you could have a buffer built up for all household expenses!

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