Create a personalized debt payoff plan using the Avalanche or Snowball method. Add all your debts, set your extra payment budget, and see exactly when you'll be debt-free and how much you'll save.
Add extra money beyond minimum payments to accelerate your debt payoff.
Based on your chosen strategy, pay off your debts in this order:
How it works: Pay minimum on all debts, then put extra money toward the debt with the highest interest rate first.
How it works: Pay minimum on all debts, then put extra money toward the debt with the smallest balance first.
Review subscriptions, reduce dining out, and find areas to save. Every rupee saved can go toward debt.
Consider a side hustle, freelancing, or asking for a raise. Extra income accelerates your payoff.
Apply bonuses, tax refunds, and gifts directly to your highest-priority debt.
Avoid adding new debt while paying off existing balances. Use cash or debit only.
Set up automatic payments to ensure you never miss a due date or minimum payment.
Reward yourself (within budget) when you pay off each debt to stay motivated.
If you're motivated by saving money and can stay disciplined, choose Avalanche. If you need quick wins to stay motivated, choose Snowball. Both methods work - the best one is the one you'll stick with!
As much as you can afford after covering essentials and maintaining a small emergency fund. Even ₹1,000-2,000 extra per month can make a significant difference over time.
Build a small emergency fund (₹25,000-50,000) first, then focus on high-interest debt. This prevents you from going back into debt for emergencies.
Contact your creditors immediately to discuss hardship programs, payment plans, or interest rate reductions. Don't ignore the debt - it will only get worse.
Consolidation can be helpful if you get a lower interest rate and don't add new debt. Compare the total cost of consolidation vs. your current payoff plan.