Debt payments - How much you should pay back every month?

The answer to that question is hiding inside your budget.
It's recommended to pay down your debt as soon as possible to pay less interest but to do that, you'll need to know how much you can afford to pay every month and still stick to your budget.

Start by planning your budget.

Once you finish to plan your expenses and incomes, take a look at your budget and figure the debt payments you can afford. Don't run to fast, try to pay a little less than the maximum you can afford.
You'll pay more interest but sleep better at night, because you'll know you are paying your debt but still have extra money (for emergency use only).

Can't pay back credit card debt.

If after you've done budgeting you find out that you can't afford the minimum debt payments - don't surrender yet.
Go back to your budget and think again where you can save more and spend less. Don't hesitate to talk to your friends and family and ask for advice.
Once you've done all that talk to the credit card company.
Explain them the situation, tell them what is the minimum debt payment you can afford and see what they are ready to comromise.

Personal loans. Don't go there if you can't afford it.

Taking a loan you can't afford to get out of debt you can't pay back is not a solution.
Don't take a personal loan unless you are certain that you can pay it back on time. You have to face the problem - even if you don't like the solution. Unfortunately, a credit card debt is a problem we can't run away from.

Either way, don't let your finance get you down.
You are in debt. Many people are. All you need to do is to get your finances under control and there is a good chanse that once it done, you'll find a way to get the things you want in life without paying interest.


Read more about budgeting and getting out of debt:
Using a free budget planner
How to budget - Plan a budget you can stick to
Your 3 worst debt consolidation moves
Get out of debt - Don't Pay Your Minimum Balance