How Can I Pay Multiple Debt?

You might be in the same situation I was before; we were buried with debt from all sides that we don’t even know what to do with it anymore.  Sometimes we just want to stay in bed just wishing that when we wake up all our troubles are gone.

But then again, problems don’t just go away – you have to face it.  The first thing you need to really understand when it comes to paying off your debt is that you need to change the way you think about money.

Money is not a means to buy everything you want; money is a means for you to reach your financial goals in life.

What is your financial goals?  To have a house, a car, or a trip to Europe?  If that is your financial goals then you will never get out of debt.  Your financial goals should be to live a debt-free life and have enough savings and investments that will help me continue to live freely even when I retire.  Now that is a change of mindset.

Ok.  If you have already changed your mindset, then you can go on and read.

Here are some repayment ideas that I want to share with you so you can pay off your multiple debt:

List down everyone who can lend you money and raise the total amount of your debt.

“Wait.  I thought you said pay off my debt?  Why am I borrowing more money?”.

I know you’ll think about that, but listen up first.  This is in the context of you changing your mindset towards money, ok?

Now list down all your friends and relatives who will still trust you (if there are still any) to lend their money to you.  Go and visit them and explain your situation to them.  Tell them that you are borrowing because you don’t want to acquire loan from lending companies and add more to your problems due to interests and penalties.  Show them your repayment plan (we teach you how to make a debt repayment plan when you enroll to our Personal Financial Management Class) and write them a promissory note.  Sometimes relatives will say that it is not necessary to write a promissory but do it anyway so you can show your sincerity.

Consolidate your debt

Debt Consolidation is not a new thing.  Unfortunately, here in the Philippines, I have never found any company who will consolidate your debt (if you found one please let me know).

So how are you going to to do this?

Make a Debt List (this is taught during our Personal Financial Management Class) and then check the total.  Now go and survey lending companies that will give you a very low interest and will let you loan the total amount in your Debt List.  The idea here is to lessen the damage of you getting penalties and high interest.  If your present debt is giving you 12% interest plus penalties, why not look for a Lending Company that can loan you with 4% interest and with a low monthly payment plan.

For credit card holders, look for a credit card company that offers Balance Transfer

There are credit card companies like Citibank who offers Balance Transfer, assuming that your credit card is still active.  You can get as much as 3% to 1.5% interest depending on the offer.

The trick here is that, once your new credit card company pays off your debt from your old credit card, STOP USING YOUR CREDIT CARDS and START PAYING.

Get a Financial Debt Repayment Adviser

It’s always good to know that you are not alone in this problem.  An adviser will tell what to do and how to do it.

Our team, 19:20 Business Solutions, is not just a debt repayment adviser.  Our approach is holistic and we make sure that you are in the right track.  We will teach you how to make a budget, pay off your debt, and finally set a realistic financial goal so you can start living a stress-free life.

Let me know if this article has helped you by leaving a comment below or sharing this with your friends.


You can enroll to one of our Personal Financial Management In-depth Sessions (venue is in Pasig City) or invite our team to your company for a Personal Financial Management Seminar and Workshop (1 Day session) by sending us an email at or call us at 0927-8931175.



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