4. Creating and Executing a Debt Payoff Plan

After categorizing and prioritizing your loans, you need to come up with an action plan to pay off your debt little by little. Make sure you write down your debt action plan. This way you will have something to go back to in case you want to modify your debt payoff plan. You will have to thoroughly examine all your inlets and outlets of money to curtail all unnecessary expenses. Make sure that you pay your debts off with extra cash you have else you will disrupt your monthly expenditure. Also, begin paying off smaller debts first. Plus, try and not budge from this plan.