If you've recently made a huge investment—whether it's related to travel, a car, your house, or a business—it's very likely that you're still paying off your debts. This shouldn't be a cause for concern—those who've been in your position will tell you that it's all about being responsible, realistic, and organized. Here are some of the things you can do to settle your debts sooner:
1. LAY THE NUMBERS ON THE TABLE. Compile all of your payables, including monthly interest rates and late fees, in one spreadsheet. This will help you determine the exact amount that you have to pay and how long you have to pay off your debts.
2. SET A REALISTIC REPAYMENT BUDGET. Set aside a manageable amount from your income—enough so that your debt can be considerably decreased without forcing you to put your life completely on hold. That 13th-month bonus? It may have to go to your bills for now.
3. PAY ON TIME. Mark the due dates on your phone's calendar and set an alarm. Those late fees may seem like small amounts at first glance, but they can make up a huge bulk of your debts if you let them accumulate.
4. FOCUS ON ONE DEBT FIRST. The most sizeable debt should be at the top of your list, and then arrange your debts according to size. This way, you will have finished paying off at least one debt after a few months or years.
5. SEEK EXPERT ADVICE. When the numbers become overwhelming, a financial expert might be able to give you a solid plan and some peace of mind. If you have friends who can help you for free, do not hesitate to approach them.
6. LOOK FOR ADDITIONAL SOURCES OF INCOME. When your income is not enough to sustain your living expenses and your debts, try looking for an extra job. Some online jobs require only a few hours of your day. Once your debts are paid, you can let go of that extra job or use the extra money for other investments.
7. MONITOR YOUR PAYMENTS AND REMAINING BALANCE. It is frustrating to check your remaining debts and find out that you still have a long way to go, but this is a necessary step. Monitoring your payments will allow you to know how your money is moving. If your debts are not decreased at your preferred pace, for example, then at least you can solve the issue immediately.
8. SIMPLIFY YOUR DEBTS. Consider applying for a personal loan from a trusted bank. This will consolidate your multiple debts into a single repayment responsibility. It will also make it easier for you to monitor your debt. Take out a Citi Personal Loan—it has flexible installment plans for up to five years, with no collateral and guarantor requirements. You can also get approval in as fast as 24 hours and disbursement in as fast as two hours. You can also borrow as much as P2 million.