1. Make a budget: First, make a detailed budget plan according to your own income and expenditure. List monthly fixed expenses, such as rent, utilities, etc. , as well as variable costs, such as catering, transportation, etc. Ensure debt repayment as part of fixed expenditure.
2. Give priority to repayment of high-interest liabilities: Divide liabilities into different categories, such as credit cards and personal loans. Give priority to those liabilities with higher interest, so as to reduce interest expenses and speed up the repayment process. It should be noted that while repaying high-interest liabilities, the minimum repayment amount of other liabilities should also be guaranteed, so as not to affect the credit history.
3. Cut expenses: Cut unnecessary expenses as much as possible, such as entertainment and shopping. You can consider using public transport instead of private cars, buying discounted goods or second-hand goods to reduce expenses and using the saved funds for repayment.
To sum up, for the post-90s generation with a debt of 400,000, the key to making a repayment plan is to make a good budget, give priority to repaying high-interest liabilities and cut expenses. Through reasonable financial arrangements, strictly implement the repayment plan, gradually reduce liabilities, and maintain good financial habits in the future.
Extended data:
-You can ask the bank or financial institution whether there are measures such as deferred payment of loans and loan consolidation to ease the repayment pressure.
-The debtor may consider increasing sources of income, such as finding a part-time job or developing a sideline to improve repayment ability.
-You can seek advice and guidance from a professional financial planner to learn more about debt management and repayment strategies.