Repayment plan

A systematic plan you use to repay debt. First, review personal budget and personal cash flow to see how much you can pay on a periodic basis. Next, pick a period in which you want to repay the debt. Finally, calculate a monthly payment. While repaying a debt, you want to avoid increasing your debts. That will only prolong the time that it takes to repay, and will discourage you. In other words, a repayment plan also requires spending discipline. For example, you may aim to repay a $1,000 debt in 12 months. A debt repayment plan is also helpful in repairing your credit.

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