Debt exit plan
1. Diagnostics and real accounting of obligations
1. Information gathering
Statements on all cards, loans, MFIs, installments for the last 12 months.
List of balances for each debt and interest rates.
The amount of delays and fines.
2. Commitment Table
3. Real budget after dependency
Distribute income for mandatory expenses and the maximum possible payment on debts.
2. Choosing a repayment strategy
1. Snowball method
First, we pay off the smallest debt in order to get a psychological charge.
After closing, perekhod→k the following.
2. Avalanche method
First, we pay off the debt with the highest interest rate (MFI).
This minimizes overall overpayments.
3. Hybrid approach
The first two goals for "snowball" for motivation, then - "avalanche" for savings.
3. Negotiations and restructuring
1. Preparing for a conversation
Documents: statements, payment schedules, current balance.
Clear justification: "I plan to send X% of income to repay, please revise the schedule."
2. Inquiries to creditors
Interest rate reduction or temporary deferral (moratorium).
Reduction of the minimum payment by 10-30%.
Consolidation of several loans into one with a more favorable condition.
3. Conclusion of agreement
Fix the new date and amount of payments in writing or in the online account.
Confirmation by e-mail or official statement.
4. Consolidate and automate payments
1. Consolidation credit
Re-lending of several loans in one bank at a lower interest rate (subject to rating).
Reduction in the number of obligations and a single payment.
2. Autopayments
Set up a write-off 2-3 days before the deadline - exclude delays and fines.
Use different cards: "main" for life, "credit" only for payments on debts.
5. Optimizing the budget and increasing payments
1. "Tough" budget
Allocate at least 20-30% of income for early repayments.
Exclude any gambling and impulsive spending.
2. Additional revenues
Freelance projects, one-time part-time jobs, selling unnecessary things.
Redirect all super-income into a "snowball."
3. Regrouping commitments
Priority payments: MFIs, banks → installments and small loans.
6. Progress monitoring and discipline support
1. Weekly report
Record payments and balances in the table.
Mark the percentage of the closed amount of the total debt.
2. Monthly audit
Compare actual spending and budget.
Adjust the payment plan.
3. Responsibility Partner
A confidant is a friend or family member who receives a report and motivates you.
Weekly "check-ins" and support.
4. Small rewards
After the complete closure of one debt - a symbolic reward (book, walk).
Not using money for excitement.
7. Preventing a return to debt
1. Complete removal of gambling channels
Remove applications, block sites through extensions and bank.
2. Creating a financial cushion
Accumulate at least 1-2 monthly expenses in a separate account before moving to normal expenses.
3. Long-term financial objectives
The goal is "car," "courses," "travel" instead of "another bet."
Monthly deferral of 5-10% of income after a complete exit from debts.
A systematic approach - careful accounting, prioritization strategy, negotiations with creditors, automation and a strict budget - allows you to get rid of debts quickly and efficiently. Regular monitoring and discipline support ensure no return to old habits and stable financial health.
1. Information gathering
Statements on all cards, loans, MFIs, installments for the last 12 months.
List of balances for each debt and interest rates.
The amount of delays and fines.
2. Commitment Table
| Lender | Debt Amount | Interest | Mіnіmalny platіzh | Due Date |
|---|---|---|---|---|
| Bank A | 50,000 ₴ | 24% | 2,000 ₴ | 05. 09. 2025 |
| MFI "Fast Money" | 10,000 ₴ | 180% | 5,000 ₴ | 15. 08. 2025 |
| Online Installment | 8,000 ₴ | 0% | 1,000 ₴ | 20. 08. 2025 |
3. Real budget after dependency
Distribute income for mandatory expenses and the maximum possible payment on debts.
2. Choosing a repayment strategy
1. Snowball method
First, we pay off the smallest debt in order to get a psychological charge.
After closing, perekhod→k the following.
2. Avalanche method
First, we pay off the debt with the highest interest rate (MFI).
This minimizes overall overpayments.
3. Hybrid approach
The first two goals for "snowball" for motivation, then - "avalanche" for savings.
3. Negotiations and restructuring
1. Preparing for a conversation
Documents: statements, payment schedules, current balance.
Clear justification: "I plan to send X% of income to repay, please revise the schedule."
2. Inquiries to creditors
Interest rate reduction or temporary deferral (moratorium).
Reduction of the minimum payment by 10-30%.
Consolidation of several loans into one with a more favorable condition.
3. Conclusion of agreement
Fix the new date and amount of payments in writing or in the online account.
Confirmation by e-mail or official statement.
4. Consolidate and automate payments
1. Consolidation credit
Re-lending of several loans in one bank at a lower interest rate (subject to rating).
Reduction in the number of obligations and a single payment.
2. Autopayments
Set up a write-off 2-3 days before the deadline - exclude delays and fines.
Use different cards: "main" for life, "credit" only for payments on debts.
5. Optimizing the budget and increasing payments
1. "Tough" budget
Allocate at least 20-30% of income for early repayments.
Exclude any gambling and impulsive spending.
2. Additional revenues
Freelance projects, one-time part-time jobs, selling unnecessary things.
Redirect all super-income into a "snowball."
3. Regrouping commitments
Priority payments: MFIs, banks → installments and small loans.
6. Progress monitoring and discipline support
1. Weekly report
Record payments and balances in the table.
Mark the percentage of the closed amount of the total debt.
2. Monthly audit
Compare actual spending and budget.
Adjust the payment plan.
3. Responsibility Partner
A confidant is a friend or family member who receives a report and motivates you.
Weekly "check-ins" and support.
4. Small rewards
After the complete closure of one debt - a symbolic reward (book, walk).
Not using money for excitement.
7. Preventing a return to debt
1. Complete removal of gambling channels
Remove applications, block sites through extensions and bank.
2. Creating a financial cushion
Accumulate at least 1-2 monthly expenses in a separate account before moving to normal expenses.
3. Long-term financial objectives
The goal is "car," "courses," "travel" instead of "another bet."
Monthly deferral of 5-10% of income after a complete exit from debts.
A systematic approach - careful accounting, prioritization strategy, negotiations with creditors, automation and a strict budget - allows you to get rid of debts quickly and efficiently. Regular monitoring and discipline support ensure no return to old habits and stable financial health.
