Amakhadi wesikweletu nokuphatha izikweletu · Isifundo 2 3
Make a Plan to Pay Off Debt
List your debts, compare the avalanche and snowball methods with real numbers, call your creditors for help, and find debt help you can trust.
Kuqediwe kulesi sisetshenziswa
Izingxenye zalesi sifundo azikahunyushelwa olimini lwakho, ngakho-ke zikhonjiswe ngesiNgisi.
Kulesi sifundo
Yini ozoyifunda
- List every debt with its balance, interest rate, and minimum payment.
- Compare the avalanche (highest rate first) and snowball (smallest balance first) methods using real numbers.
- Ask a creditor for a hardship plan, a lower rate, or a new due date.
- Tell nonprofit credit counseling apart from risky debt settlement and paid student loan help.
Ukuthi lokhu kuxhumene kanjani namakilasi ethu: Our class covers two ways to reduce debt and where to get help. This lesson works through both methods with the same three debts. It adds a script for calling creditors, a checklist for choosing debt help, and what changed for federal student loans.
Amagama okumele wazi
- Indlela ye-Avalanche (Avalanche method)
- Ukukhokha okwengeziwe esikweletini ngesilinganiso senzalo esiphakeme kakhulu kuqala, futhi ubuncane kwabanye. Imvamisa kubiza inzalo encane.
- Indlela ye-Snowball (Snowball method)
- Ukukhokha okwengeziwe esikweletini esincane kuqala, futhi ubuncane kwabanye. Uqeda isikweletu esisodwa ngokushesha, okungakusiza ukuthi uqhubeke.
- Uhlelo lobunzima (Hardship plan)
- Isivumelwano sesikhashana nombolekisi esinganciphisa inkokhelo yakho, isilinganiso senzalo, noma imali uma unenkinga yemali, njengokulahleka komsebenzi noma ukugula.
- Ukwelulekwa Kwesikweletu (Credit counseling)
- Usizo oluvela kumeluleki oqeqeshiwe obuyekeza isabelomali sakho nezikweletu nawe. Ama-ejensi amaningi angenzi nzuzo ayinikeza mahhala noma imali ephansi.
- Uhlelo lokuphathwa kwezikweletu (Debt management plan)
- Uhlelo olusungulwe yi-ejensi yokweluleka ngesikweletu. Wenza inkokhelo eyodwa yanyanga zonke ku-ejensi, futhi ikhokhela abakweletwayo bakho, imvamisa ngamanani enzalo aphansi.
- Ukukhokhwa kwezikweletu (Debt settlement)
- Lapho inkampani izama ukwenza abakweletwayo bakho bamukele okuncane kunalokho okukweletayo. Kuyingozi: kungangeza izimali, kulimaze isikweletu sakho, futhi kuholele emacaleni.
- Loan servicer
- Inkampani ethumela izikweletu zakho zemalimboleko yabafundi, ithatha izinkokhelo zakho, futhi ikusiza ukuthi ushintshe uhlelo lwakho lokukhokha. Usizo lwayo lumahhala.
- I-ID ye-FSA (FSA ID)
- Igama lomsebenzisi nephasiwedi oyisebenzisayo ukungena ku-StudentAid.gov. Ungalokothi wabelane ngayo nanoma ubani.
Isinyathelo 1: Yenza uhlu lwakho lwezikweletu
Udinga ukubona zonke izikweletu zakho endaweni eyodwa ngaphambi kokwenza uhlelo. Thola izitatimende zakho zakamuva, noma ungene ngemvume ku-akhawunti ngayinye. Bhala phansi izinto ezine ngesikweletu ngasinye.
- Igama lesikweletu, njenge "ikhadi lesitolo" noma "imalimboleko yemoto."
- Indlela ephelele ye-athikili: Isimo Sezulu Senethiwekhi " Isimo Sezulu Senethiwekhi " Isimo sezulu " Malini namuhla
- Isilinganiso senzalo (APR).
- Inkokhelo encane yanyanga zonke kanye nosuku olubekiwe.
Faka konke: amakhadi wesikweletu, amakhadi esitolo, imalimboleko yomuntu siqu, izinhlelo "thenga manje, khokha kamuva", izikweletu zezokwelapha, imalimboleko yesihloko semoto noma imoto, nemali oyikweleta umndeni. Kunoma yimuphi umthethosivivinywa odlulile, bhala ukuthi zingaki izinsuku ezisekwephuzile. Umbiko wakho wesikweletu ungakhombisa izikweletu ozikhohliwe. Bheka Funda Umbiko Wakho Wesikweletu bese ulungisa amaphutha.
Okulandelayo, bheka uhlelo lwakho lokusebenzisa imali. Khokhela izidingo ezifana nerenti, ukudla, nezinsiza kuqala. Bese ukhetha inani elilodwa ongalikhokha ezikweletini njalo ngenyanga. Ukukhokha okungaphezu kobuncane yikho okwenza uhlelo lokukhokha lusebenze. Bheka Yakha uhlelo lokuchitha imali oluhambisana nempilo yakho yangempela.
Isibonelo
Tesfaye's debts: $6,000 and $300 a month
Tesfaye works as a home health aide in Alexandria. After rent and other needs, he can pay $300 a month toward debt. His minimum payments add up to $200.
| Debt | Balance | APR | Minimum payment |
|---|---|---|---|
| Store card | $500 | 25% | $25 |
| Credit card | $3,500 | 27% | $105 |
| Credit union loan | $2,000 | 11% | $70 |
| Total | $6,000 | $200 |
$300 a month − $200 in minimum payments = $100 extra each month
Tesfaye pays every minimum on time. He puts the extra $100 on one "target" debt. When a debt is paid off, he adds its payment to the next target. He stops using the cards while he pays them off. There are two common ways to choose the target.
- Avalanche: the highest interest rate first. His order is the credit card (27%), then the store card (25%), then the loan (11%).
- Snowball: the smallest balance first. His order is the store card ($500), then the loan ($2,000), then the credit card ($3,500).
Isibonelo
Avalanche or snowball: same $300, two results
| Method | First debt paid off | All debts paid off | Total interest |
|---|---|---|---|
| Minimum payments only ($200 a month) | month 27 | month 63 | $3,525 |
| Snowball ($300 a month) | month 5 | month 26 | $1,680 |
| Avalanche ($300 a month) | month 22 | month 25 | $1,416 |
| Avalanche compared with snowball | 1 month sooner | $264 less |
Both plans cost far less than paying only the minimums. They save Tesfaye more than $1,800 in interest and more than 3 years. The avalanche saves the most money. The snowball pays off the store card in month 5, and that early win may help him keep going. The best method is the one you will follow every month.
These numbers assume the minimum payments stay the same and interest is added once a month. Your real numbers will be a little different.
Call your creditors before you miss a payment
Many lenders have hardship programs, but they may not advertise them. Call as soon as you know you will have trouble paying. It is easier to get help before you miss a payment.
- Your account number
- Why your income dropped or your costs went up, such as fewer hours or an illness
- An amount you can really pay each month, from your spending plan
- Paper and a pen to write down names, dates, and what was agreed
"Hello, my name is [your name]. My account number is [number]. My income dropped because [reason]. I want to keep paying you. Can I pay [amount] a month for [number] months?
Do you have a hardship program? Can you lower my interest rate or waive late fees? Can you move my due date to [date], after I get paid?
Will this plan be reported to the credit bureaus? What happens to my card during the plan? Please send me the terms in writing. May I have your name and a reference number for this call?"
Do not agree to a payment you cannot make. Some hardship plans close or freeze the card, so ask before you agree.
Nonprofit credit counseling and debt management plans
A credit counselor reviews your income, spending, and debts, and helps you make a plan. Many nonprofit agencies offer a first session for free or for a low fee, in person, by phone, or online. Some offer help in Spanish and other languages.
If it fits your situation, the counselor may suggest a debt management plan. You send one payment each month to the agency, and the agency pays your creditors. Creditors may agree to lower your interest rates or waive some fees. These plans often take four years or more, and you may need to close your credit cards.
A nonprofit is not always free, and it is not always honest. Before you sign up, check these things.
- Ask for every fee in writing.
- Ask if the counselors are certified.
- Check the license. In Maryland, debt management companies must have a license from the Office of Financial Regulation. In Virginia, credit counseling agencies are licensed by the State Corporation Commission's Bureau of Financial Institutions.
- Look for complaints with your attorney general. In DC, contact the Office of the Attorney General.
- Make sure the plan fits your budget. Keep paying your bills until each creditor has accepted the plan.
Qaphela
Debt settlement and "debt relief" traps
Debt settlement companies promise to get your creditors to accept less than you owe. Many tell you to stop paying your creditors and put money into a special account instead. While you wait, late fees and interest grow, your credit score drops, and creditors can sue you. Many people quit before the program ends.
- It is illegal for debt relief companies that sell by phone to charge you before they settle or reduce at least one of your debts.
- Be careful with any company that tells you to stop paying or stop talking to your creditors.
- No one can promise to stop all lawsuits or to erase all your debt.
- Be careful with claims about a "new government program" for credit card debt.
If a creditor forgives part of a debt, the IRS generally counts the forgiven amount as income. You may get a Form 1099-C. Some people qualify for an exception, for example if they owed more than they owned. A free VITA tax site can help. See File for Free and Claim the Credits You Earned.
Federal student loans: use the free official help
A federal law passed in July 2025 changed how federal student loans are repaid. Key changes began on July 1, 2026, and the SAVE repayment plan is ending. More rules and deadlines are still being announced.
You never have to pay anyone for help with federal student loans. Log in at StudentAid.gov or call your loan servicer. Both are free. Never share your FSA ID, which is the username and password for StudentAid.gov. Scammers use it to take control of your account.
Private student loans are different. They come from banks and other lenders. Call your lender and ask what hardship options it has.
Ithiphu
Stop the debt from growing
While you pay down debt, try not to add new debt. Keep a small emergency fund, even a few hundred dollars, so you do not have to put a surprise bill on a card. See Start an Emergency Fund from Zero. Stay away from payday and car title loans; see The Real Price of a Loan. Write your payoff date on your calendar, and mark each debt you finish.
Izinto ezibalulekile
- Start with a full list of your debts and one monthly amount you can pay toward them.
- Avalanche saves the most interest. Snowball pays off a first debt sooner. The best method is the one you will follow.
- Call creditors before you miss a payment and ask about hardship programs. Get every agreement in writing.
- Never pay a debt relief company before it settles a debt, and never stop paying because a company tells you to.
- Help with federal student loans is free at StudentAid.gov and from your loan servicer.
Hlola ukuqonda kwakho
Phendula imibuzo, bese ukhetha Hlola izimpendulo zami. Thola 4 5 ilungelo ukuqedela lesi sifundo. Awukho umkhawulo wesikhathi, futhi asigcini izimpendulo zakho.
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