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How to create a debt reduction plan

Estimated time: 30 minutes
Level of difficulty: easy

Steps to take

1. Download a copy of When Your Bills Pile Up.

  • file available here

Print out a copy, and then list whom you owe and how much you owe.

2. Decide how much you can pay back and when.

Decide how much you can pay back and when you can pay it back.

3. Make a plan.

Set up a plan for paying back your bills.

4. Get feedback.

Discuss your plan with your creditors.

5. Control your spending.

Control your spending by sticking with your debt repayment plan until bills are paid.

6. Review your plan.

Occasionally, look over your plan to see if you are keeping up with your bills and your daily living expenses. If there is a change in your income, you need to raise or lower your monthly payments accordingly.

Follow-up steps