Best way to pay off your debt quickly and wisely

Debt is sometimes both bad and good, depending on how you use your owed money. Bad debt will make you poor or even the poorest once you cannot handle your finances. This is the number one factor affecting Filipino lives and expenditure. Struggling to fix financial mistakes could severely damage your finances.

"Filipinos spent about 1.3 billion seconds – equivalent to 42 years – using digital lending applications in 2023, with financial tools and credit services becoming more accessible to consumers, according to a study conducted by consumer credit service Digido." -Philstar

The easy access in financial firms such as lending Apps, banks and E-wallets rose the number of Filipino families struggling the debt trap considering the lack of financial knowledge, financial management and low income amongst Filipinos.

How we can fix the financial problems we are struggling to settle? We have two famous types of strategies on how to pay off debt wisely. Let me discuss with you the good behind this technique.

These two are popular for paying loans and are known as effective methods for becoming debt-free individuals.

Avalanche Method

The Avalanche method is one of the best-known effective strategies to pay all of your owed money. This debt repayment technique can prevent you from paying more interest to the lenders. In this method, you shall pay off your account with the highest Interest Rate down to the account with the low Interest Rate.

The purpose of paying off the loan with the highest Interest rate is for you to save money, as all of the saved money you have will be used to pay off other accounts. This may take time for you to pay off your debt but can help you the most to settle your account wisely.

Snowball Method

The Debt Snowball method is a strategy of paying off debt by considering settling an account with a small balance to an account with a big balance. This is also so called Debt-reduction technique which you will pay off owes with a small balance to reduce your loans from different financial firms while paying a minimum amount to your account with big balances. After you settle accounts with small balances your repayment plan will focus on loans with big balances which you can add additional amounts to pay off debt quickly.

This method can help to anticipate the importance of doing a debt repayment plan. Once you have settled on the loan you have gained accomplishment and you willfully pushed through according to your plan, as debt-free individual.

Other related Articles:

•Unlocking the Power of E-Wallets for Effective Financial Management

•What are the differences between GLoan, GGives, and Gcredit?

•Billease as your first ever Virtual Credit Card | FinTech Review

Comments

Trends this week

What are the differences between GLoan, GGives, and GCredit?

GCash is the number one E-Wallet in the Philippines, making it the most useful application of all time with almost 81 million active users as of May 2023. It is like a huge supermarket that has been compressed and put into your phone. They have several partnerships with physical stores, insurance companies, online stores, SMEs, corporations, freelancers, casinos registered with PAGCOR, and financial institutions like lending companies and crypto investments. However, not all of its million active users fully utilize the power of this super app. In this article, I will be telling you about one of the most useful and helpful features of the GCash App: the Borrow features. If you have already read the article titled “ Which is better, GCash (GLoan) or Billease? ”, I have already explained the factors that determine your eligibility for the Borrow features of GCash. Here, I will be explaining the differences between the three icons within the Borrow icon and what are the se...

Sloan and SPayLater Users Review and Guide

Sloan and Spaylater are both Financial services provided by Shopee Philippines for their selected users. These financial features offer buy-now-pay-later and cash loans so that users can enjoy their shopping experience in the app. SeaMoney (Credit) Finance Philippines Inc. is the financing company of Sloan and SPayLater in the Philippines, which is part of the Sea Group - operating seven markets in Southeast Asia, including Taiwan. It was registered as a finance and credit provider in the Security Exchange Commission on August 4, 2020, with registration number CS202005382. In part of their mission to better the lives of individuals and Businesses in Southeast Asia through technology, SeaMoney serves the financial needs of Filipinos through SeaMoney (Credit) Finance Philippines Inc. and SeaBank . What is Sloan? Sloan is a cash loan offered by Shopee Philippines, in which users can borrow money with the approved credit limits on the platform. Sloan is limited only to the selective users ...

How to Convert TikTok Paylater to Cash Guide and Review

TikTok users who already have activated the TikTok PayLater offered by the TikTok shop to their loyal customers are wishing to convert the offer into cash, as they are more prepared to spend the money on other daily needs or bill payments. However, TikTok just came on to the purpose of the financier as “buy now pay later” for the products that users prepared to check out. All e-commerce offered Buy Now Pay Later options are naturally not convertible to cash, though users are still looking anyways to make the credit limit more useful and viable. Like GGives , Spaylater , and Lazada PayLater, all of the offer limits are spendable to purchase goods and services within the e-commerce shops and partners. Though Spaylater has an option to convert your limits without risks and additional service fees, we have no guarantee when the last time it will work to become convertible as before. GGives is easily convertible into cash using Shopee Shop through canceling the checkout. But when Sho...

2 Ways to Cash Out Spaylater Credit Limit

Spaylater is the buy-now-pay-later payment option offered by shopee to their selected users. This feature is available exclusively in shops to help users enjoy the shopping experience without worries. More of the users are prepared to cash out credit limits like Sloan. They are more likely to use money for personal and daily needs. Sloan is offered by shopee app once users continuously use Spaylater with good payment history but exceptional to those users with a high credit reputation and history to other financial institutions such as banks, CIC, e-wallets, and other lending companies. However, like Sloan, Spaylater can eventually use it as a payment method outside the application via QR code payment. Just finish this article for you to enlighten more. If you are a new user of Spaylater, this option is temporarily unavailable. Enjoy using spaylater instead and wait to activate the more features that you can enjoy of using spaylater. Here are the following steps on how you can tra...

Converting Spaylater to Cash through Maya Business is not working

Screenshot of Spaylater| Spaylater Users who tried to utilize their credit can not convert offer into cash started on the last quarter of 2025 Shopee's SPayLater is a "spend now, pay later" option available across Southeast Asia. It provides convenience and affordability for Shopee users, allowing them to buy things as easily as one click, even if they have limited cash. As users are keen to utilize this credit for various purposes, they are looking for ways to convert their SPayLater Credit into cash. Previously, we published an article about converting SPayLater to cash through Maya Business . However, as of the last quarter of 2025, this conversion method via QR Ph in Maya Business is no longer accepted. Some SPayLater users who attempted to convert credit to Maya Business have experienced this i...

Gcash Failed Transaction but deducted? Here's what to do!

One of the common problems in GCash transactions is that the debited amount is not reflected in the recipient's account or is not credited to the biller. Someone who has this problem feels frustrated and alarmed by what they need to do. They worry about the overdue charge for the biller that had a failed transaction and about possibly losing money to an unknown. GCash is always on the go; you have nothing to worry about with all failed transactions as long as there's valid proof of your transaction, specific time, and exact date. As the most reputable and trusted fintech app in the Philippines, GCash customer service will always be on the act to serve you better and solve the problem you are facing in their application. However, if your failed transaction is about bill payment, there is a possibility that you will be overdue to the biller. But if the failed transaction is reconciled by GCash and the biller, all possible overdue charges because of your delayed pay...

ShopeePay Malaysia can send money to Maribank Philippines for Free

MariBank Philippines can accept money from Malaysia using Shopeepay Malaysia, as an announcement through push notification appears to all MariBank Philippines' users on the second week of December 2025. MariBank Philippines also can accept bank transfers from other countries using different remittance providers such as PayPal, Payoneer, Remitly, Wise, WorldRemit, Western Union, and Moneygram. Senders must choose "Direct to Bank Account," "Bank Transfer," or "Bank Deposit" as the mode of transfer and input the correct MariBank information of the receiver, including their bank account number, name of the receiver, name of the bank, and other necessary bank information. If the remittance provider ask for the bank code or SWIFT code of Maribank you can provide the following: SWIFT: LAUIPHM2 BIC: LAUIPHM2XXX BRSTN: 31182-001-8 Bank Code: 043570 How to Bank Transfer to Maribank Philippines From Shopeepay Malaysia? Shopee users from Malaysia can open their S...

Personal Loan in Mabilis Cash | FinTech Review

Mabilis Cash is one of the online loan apps based in the Philippines. They offer non-collateral personal loans which you can borrow money from your phone just by providing your personal information and one valid government ID. A non-collateral personal loan is an easy and fast emergency loan offered among Online Lending Apps, in the counterpart of their offers, clients will be charged a high interest rate, high processing fees, and insurance fee for their loanable amount. Mali Lending Corporation operated under the name Mabilis Cash was registered with the Security Exchange Commission on year 2019 based on the data on the SEC website. In this article let me discuss all the things you need to know about Mabilis Cash (formerly PESO AGAD). This review will be based on the experiences of users. How much is the first offer of Mabilis Cash? Non-collateral loans are like a stepping stone in building credit gradually. Lending Application credit assessment may depend on how you manag...

A Step-by-Step Guide to Pag-IBIG Online Membership Registration in 2025

Registering as a Pag-IBIG Fund member has never been easier, thanks to its convenient online process. Whether you're using a smartphone, laptop, or tablet, you can complete your membership registration in just a few simple steps. Here’s everything you need to know to sign up through Virtual Pag-IBIG . Accessing the Pag-IBIG Online Registration Portal There are three ways to begin your registration: 1. Via the Official Pag-IBIG Fund Website Visit the https://www.pagibigfund.gov.ph/ . Hover over the E-Services tab and select Membership Registration . You will be redirected to the Online Membership Registration page. 2. Through Virtual Pag-IBIG - Go to the https://www.virtualpagibig.pagibigfund.gov.ph/ . - Click " Be a Member ", then select Continue to proceed. 3. Direct Link - You may also go straight to the registration page at: https://www.pagibigfundservices.com/PubReg/Ne...

FT Lending Review: Loan, Interest

Are you looking for a fast and convenient loan with minimal requirements and no collateral? Then maybe this lending app suits your needs. Filipinos often prefer the simplest transactions and fast approval when it comes to loans, as many of us urgently need extra cash. FT Lending App is one of the online lending apps offering no-collateral loans for Filipinos. Most OLAs with no-collateral loans have high interest rates, as lending money to unknown borrowers is considered risky. Approval still depends on the company’s screening results through profiling and assessing whether the borrower is capable of repaying the requested amount. After assessment, if approved, the credit limits may differ for each user. This credit limit is a revolving credit—like Maya Credit , GCredit , Mabilis Cash Credit , Billease , Spaylater and Revi Credit —where you can reuse the available credit after repayment, even if you have pending installments. If you're willing to know more about this lending app, j...

Search This Blog