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Its clear you need a plan to tackle this debt, and you need it now.
But maybe you dont have the funds or the time to sit across the desk from a financial advisor.
Or perhaps you want to make some progress on your own before scheduling that meeting.
Fortunately, theres a way to get started without much hassle.
Just grab your phone and open ChatGPT.
Using a series of strategic prompts, you’re free to develop your own personalized debt repayment plan.
The answer might just motivate you to avoid carrying a credit card balance ever again.
Include monthly payment amounts, due dates, and recommendations for prioritizing payments.
Prioritize paying off the smallest debt first while making minimum payments on others.
Design a Strategy With the Avalanche Method
The avalanche method takes the opposite approach.
Regardless of which approach resonates with you, ChatGPT can help you come up with a payment plan.
Focus on paying off the debt with the highest interest rate first.
Thats why creating a budget is essential.
ChatGPT can help you develop a realistic budget to free up funds for debt repayment.
Include budgeting advice to help them reduce expenses and save more for debt repayment each month.
Incorporate emergency savings into the plan.
However, youll see better results if you create a strategic plan for how to allocate that money.
ChatGPT can help guide you.
How should they allocate this new income towards paying off their debts?
What should they prioritize first?
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