Make large payments.

More specifically, to pursue strategies that get you excited and laser focused on killing the debt. Over two years ago, I had over $35k of student loan debt. I tried to pay it off without really having a plan. $200 here, $500 there. But I just kept gaining more debt because of interest rates, so I couldn’t get anywhere. It wasn’t until I decided that the debt was truly evil that I took it seriously enough to destroy it the same way we video Gamers attempt to destroy a monster in a jrpg. I envisioned the debt as having hit points such as their HP. The capital principle of the balance was the HP number like in a jrpg video game . And all of my attacks would decrease the HP number . And every time I missed a payment I envision the debt as using some type of healing potion to increase its HP . Since then, I’ve been maxing my retirement and I paid off a lot of debt. I’d recommend:

1. Save $500/$1000 for emergencies so you don’t take a pay day loan or use the cards. Any savings beyond that need to be used to pay down the debt IMMEDIATELY. In my case, I had to go to my family investment advisor and tell him I had to empty out all my savings to pay off student loan debt. It was really, really embarrassing for me, and something I needed to experience. You need a low cash balance to keep yourself under pressure and focused.
2. Cut up all the credit cards and stop using any credit at all and also most importantly never take out any loan from any bank or institution or anywhere on the planet ever again. The debt means that credit cards aren’t helping you get rid your student loan obligation, so it’s time to get rid of them. If you want dramatic results, you need to make dramatic changes. You’ll need to start doing a written budget. I review my budget on Saturday mornings. A lot of people are hesitant to cut up the cards, but it is 100% the way to go. I haven’t had a credit card in 3 years, and my net worth increased dramatically in that time.
3. List out the debts, smallest to largest. This is the debt snowball method. Pay minimum on everything, and any extra money goes to pay off the smallest debt. When the smallest debt is gone, you take the extra money and you attack the next highest debt, etc. Studies show people pay off more debt w/ the debt snowball than with the “high interest rate first” method. It is more motivating b/c you see progress earlier.

After you pay off the debt, you save a 3–6 month emergency fund and you never use a credit card again. Also, you’re now budgeting for the rest of your life.

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