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Paying Down Debt during the Pandemic

By Eskanisa R

07 October 2020

To pay off debt(s) on time.

Photo source: Pixabay

In this difficult and uncertain time, pay off debt is tough thing to do. Because, there is no hopeful sign this health crisis will end. Hence, it is very important to control and tracking your household financial including paying down debt. These are steps you need to try to manage your money including budgeting, paying off debt, and keeping your account balance.

1. Figure Out Total Debt
How much debt do you have? How long to pay off all debt? You need to answer those questions because financial and life changing and best solution for this problem is adopted strategies. Just try to not generate one solution for all problems.

2. Set Priorities
Set realistic priorities aligned with your current money. It is important to pay off debts in the right order. Try to pay more than minimum balance due quickly once you have money to avoid consequences of not paying off priority debts. There are things you can reduced or postponed and use that money to paying down debt.
 
If you are permanently laid off and receive a severance payment, count all your money. How long can you continue with your existing money? This is important to know if you will able to pay your debts and have enough money to meet other bills and needs.

3. Make Extra Income
To take better cope during this uncertainty time like this, find as much as possibilities to make extra income. You can try remove unnecessary items from wardrobe and selling pre-loved clothes or wares online and offline even your homemade food. Promote your business, if you do not fiercely believe, your sales will never get any penny. Even it is a small money, it can be your tool for pay bills.  

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