Debt Repayment

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Debt repayment refers to the process of paying back money that has been borrowed, such as credit card balances, loans, or mortgages.

Debt repayment can be a significant part of an individual’s or family’s budget, and effective management of debt repayment involves creating a plan to pay off debts in a timely and cost-effective manner.

This can involve prioritizing debts with the highest interest rates or those with the smallest balances, exploring options for refinancing or consolidating debt, and making extra payments when possible.

By effectively managing debt repayment, individuals or families can reduce the financial burden of debt and work towards achieving financial freedom.

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