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3 Steps to Pay Off Your Debt Review Faster

Many people who are in debt review would love to finish the process sooner than the typical 60 months.

The good news is that it can be done.

Once you’ve adjusted to living on cash and are used to making regular debt repayments, it’s possible to speed up your debt review.

By earning a little more, spending a little less, and working closely with your Debt Counsellor, you could complete debt review much faster—some even finish in only 36 months!

Here’s how to get started:

Step 1: Check Your Budget

Once you have the hang of a cash lifestyle, not relying on credit every month, you can take a fresh look at your planned budget.

Are there small expenses you can cut back on? Every little bit counts. Even small savings, like reducing takeaways or cutting long standing subscriptions, can be used to pay extra toward your debt.

And remember: if you get a raise or a bonus, consider using part of it to boost your payments.

Step 2: Talk to Your Debt Counsellor

Before you rush and just start throwing this extra little bit of money around, it is good to get some objective advice.

Your debt counsellor is your best guide when it comes to paying off debt faster. They can even check if you qualify for early settlement deals on smaller debts.

Paying off one or two small accounts can free up extra money to put toward bigger debts. Always speak to your Debt Counsellor before making any changes—they’ll help you stay on track and avoid mistakes that will waste your time and money.

Step 3: Pay More When You Can

Even small extra payments here and there can have a big impact over time.

This “snowball effect” helps you pay off debts faster and reduces how much interest you ultimately pay.

With consistent extra payments, you could cut months—or even years—off your debt review plan. Many people who start with the typical 60-month debt review plan have finished in around 36 months, thanks to small positive changes.

One Final Tip:

When you first start debt review, making the adjustments is the hardest part.

But over time you will find your feet and things will shift. Then the waiting will become the hardest part. You may become agitated waiting to get your debt review over and done with. That’s not a bad feeling, especially if it motivates you in the right way.

So, make adjustments to free up more cash to pay towards your debts and you could finish debt review faster than you ever thought.

Just try and keep your Debt Counsellor in the loop. They’ll help you find the best way to pay off your debt safely and as swiftly as possible.