How can I create a budget for debt repayment?
Creating a budget for debt repayment involves listing your debts, income, and expenses. Would you like a step-by-step guide?
Yes, please! What should I start with?
Start by listing all your debts, including the total amount owed, interest rates, and minimum monthly payments.
Got it! What’s next after listing my debts?
Next, calculate your total monthly income and then list your essential expenses. This will help you see how much you can allocate to debt repayment.
How do I prioritize which debts to pay off first?
You can prioritize debts by focusing on those with the highest interest rates first, or you can use the snowball method, paying off the smallest debts first for motivation.
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