---
title: 'Best ways to pay off debt fast (Proven ways that actually works)'
source: 'https://youtube.com/watch?v=e4oIB7efJIk'
video_id: 'e4oIB7efJIk'
date: 2026-06-30
duration_sec: 1112
---

# Best ways to pay off debt fast (Proven ways that actually works)

> Source: [Best ways to pay off debt fast (Proven ways that actually works)](https://youtube.com/watch?v=e4oIB7efJIk)

## Summary

The speaker shares personal strategies for paying off high-interest debt quickly, emphasizing intentionality and discipline. Key methods include restructuring loans to shorter terms with higher payments, using bonuses and windfalls exclusively for debt, and avoiding minimum payments.

### Key Points

- **Struggling with debt** [0:00] — Speaker felt trapped by debt, working to service it rather than building wealth.
- **Restructure loan** [0:55] — Go to bank, shorten term and increase installment to pay off principal faster, requires good credit score.
- **Don't count bonus as yours** [4:33] — Channel bonuses and unexpected money into debt instead of spending on non-essentials.
- **Don't pay minimum** [9:13] — Always pay extra (e.g., if minimum is 1000, pay 1500) to reduce principal faster.
- **Create a debt repayment plan** [12:12] — List all debts, amounts, interest rates, and set a timeline to track progress and stay accountable.
- **Know your why** [14:26] — Strong personal motivation (e.g., freedom, hatred of debt) keeps you disciplined when discouraged.

### Conclusion

By restructuring loans, using windfalls for debt, paying extra, planning, and staying motivated, the speaker paid off personal loans and credit cards quickly, achieving financial freedom.

## Transcript

as a person that has struggled with high
interest debt in a sense that it was
debt that was costing me the most to
have and it made me feel like I was
working backwards because I would wake
up every day go to work get paid and I
felt like most of my income was going
towards servicing my debt I became very
intentional to get rid of the debt
because I understood the freedom it will
give me and so on today's video I'm
going to be sharing with you some of the
things that have helped me in terms of
just getting out of that fast and so
those are the things that we're going to
be looking at today as much as we
expected to pay each and every month the
minimum towards our debts but the
concept here is how to get out of debt
fast fast enough that the banks cannot
catch you so let us get into some of
those points first things and foremost
let me introduce myself my name is jeno
if you new here I would love for you to
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and so let us get to the point the thing
that I did which I felt like actually
propelled me much quicker to deal with
my personal loan was going back to my
bank and restructuring my loan it's like
it's like that thing whereby someone has
owned a car or has owned a house for a
certain period of time and then they go
to refi refinance it so this is
basically similar to that it's a way of
restructuring your loan setting new
terms in terms of how long are you going
to pay for this how much money are you
going to be paying per month in order
for you to get out of that quicker what
people do normally which I highly think
that it is a not it's not a wise
decision however if you're struggling
with a lot of debts this is what these
debt review companies do is they will
basically clamp everything in one place
decrease the term of Lo increase the
term of loan meaning that you end up
paying more and decrease the installment
that you're going to pay now when you
trying to get out of debt that will take
you a very long time to get out of and
it comes with other repercussions such
as you being blacklisted not being able
to do anything not being able to get any
sort of funding from the bank what
whatever and so this one it's different
in a sense that you do it yourself you
go to the bank and actually you do the
opposite you say I want the temp to be
shorter and I want the installment to be
higher and then see if the bank will be
able to do this now I would say that
this is largely dependent on your credit
score your credit score needs to be very
good when it comes to this you need to
be up to dat when it comes to your
repayment you need you need to not have
missed dates you need to have a credit
score a good credit score because a good
credit score will allow the bank to be
able to even say okay we are willing to
do this for you n because they will
literally be giving you a loan again and
you do not want to be going to them with
a bad credit score because what will
happen is they will want to give you
that loan again but at a higher interest
which will end up costing you more and
so I would say if you know that your
credit score is good and when I say
credit score is good check with um what
is this clear score clear score will be
able to show you your credit score and
they will tell you which which one is a
good credit score and so just do that
before you go and approach banks for
this because you want to make sure that
as you going to the banks you know that
you are likely to get a good interest
rate so what I did was I went back to
cap Tech and I said I want to
restructure my my loan I want to pay
this quicker and I want to pay more and
what they did was they decreased the
term of my loan so instead of paying for
20 something months I decreased it to 18
months and then what we then did was we
increased the installment so instead of
paying
2,800 I said let's pay four let me I'm
going to pay 4,000 into the personal
loan this allowed the loan to be shorter
in terms of how long I have to pay for
it and also increasing the installment
means that that I get to CH I get to
deal with the the principle much quicker
than to service the interest so that is
the that is one of the things that I
would say do and I say as I said this is
lar depend on your credit score you want
to make sure that as you're approaching
banks for this that your credit score is
just as good so that will be one of the
things that I would say think about
doing especially if you are expecting to
if you just got a promotion you got a
new job that pays you more and you've
got this debt I would say that the first
thing that you would do is just figure
out if you can restructure your loan now
but if there isn't that option of
restructuring your loan there are other
options that are there as well it's not
the end of the world there are other
things that you can do in order for you
to get out of that Fast N the second
thing that I did or one of the another
thing that I did which I feel like
actually helped me a lot when it comes
to dealing with all of my debts and that
is including the credit cards as well as
well as the personal loan was to not
count my bonus as mine now what what
most people do is whenever they're going
to get a bonus like we're approaching
December and people are going to get
bonus but I can tell you that majority
of the time majority majority of people
who know very well that they're
struggling with de they have a lot of
debts they are not thinking that I need
to use this money in order for me to
attack one or two debts they are
thinking where can I spend it and so
what I did was because I became very
intentional to pay off my debt I told
myself that this money that I'm going to
be getting as my bonus which in
government you get for your birthday I
told myself that I'm going to be using
this money to attack my debt whenever I
would get my bonus I would just Channel
it I would Channel majority of it into
one of my Deads I'll Channel majority of
it into one of my debts and this really
helped me so much and just getting out
of debt quicker and another thing that I
did was I was due to receive some of the
money that I that my employer had been
saving me for housing because you can
save if you're still renting they can
save for for you and then when you buy
you claim that money back and you get
this large sum of money and so I was due
to get that money and what I did was I
took all of that money and I channeled
it on my personal loan I I think maybe I
a I used about 5,000 of that or less
than that or slightly more but majority
of that money I channeled it towards my
personal loan now what most people do
which is one of the things that which is
the reason why we keep leaving paycheck
to paycheck as people is that whenever
we are getting money that we are not
used to money that we are not expecting
what we do is we take that money and we
spend it because in our minds it's all
about spending spending spending instead
of creating in instead of fixing our
finances so that we can have much more
freedom with our normal salaries it's
like we forget that this money is just
once off a bonus is a once off in a year
and you want to make sure that you
utilize it efficiently so that you can
free up money in your salary that can
come back to you but most people do not
want to think that way and so for me I
told myself that for my bonus it's not
mine for the money that I got as my
housing my housing subsidy it was not
mine I Channel I channeled it towards my
debt and this really helped me to speed
up in terms of paying off my loan such
that my loan I supposed to pay within 18
months but I think I finished I finished
it within like 14 months because I just
whenever I would get money I would just
ho into it I would just ho into it until
it was done and so I would really say
that if you are due to receive a bonus
this year end of the year in December or
in your on your birthday it's coming out
up and you're struggling with debts and
you want toay pay of that you're
intentional about it do not count that
bonus as yours do not use your bonus to
buy Christmas clothes to be buying food
endless food in the house find a way
that you can budget for those things
within your salary if you cannot then
it's not a priority focus on dealing
with your debt I'm saying this if your
intention is to get out of debt if you
are clear about the fact that you want
to deal with your debt then I would say
that those things such as buying for
buying kids clothes and what what for
Christmas and what what those things can
wait or you can find a much more you
know a much more cheaper option whereby
you do not have to spend a lot of money
cuz yes you still want to show up show
up for your child but at of the day
these are practices that we have
instilled in our children not because
they ask for them ask for them we taught
them we taught them that there is things
such as Christmas clothes like phone
like right now some people are telling
me that we need to buy Christmas clothes
even my partners like we need to buy
Christmas cloth for and then I keep
telling him like doesn't know about that
so I asked do you want Christmas clothes
doesn't understand that the only thing
she wants is toys and also because I
told her that I will buy you Christmas
toys if I did not tell her that she
wouldn't know when it comes to clothes
just knows that we buy clothes she
doesn't know that there are specific
clothes for Christmas there specific
clothes for Easter or clothes for this
she just knows that they are clothes and
so the things that our kids expect is
because we we have instilled those ideas
and those practices to them and so you
better deal with it since you've already
planted that seed you will find a way to
do that but just make sure that majority
of your bonus money goes towards paying
off your debt then the third thing I
would say is do not pay minimum because
if you pay minimum in your debt you're
going to take longer to pay it off like
even now I've shared this in many of my
videos that when it comes to me paying
off my house I do not pay minimum
because I understand that if I pay
minimum I'm going to take longer to pay
off my house and so even with your debt
if you're intentional about paying it
off do not pay the minimum if the bank
says that you pay 1,000 pay 1,500 if the
bank says you pay 500 pay 1,000 make it
in your budget that it allows you to pay
an additional amount into your debt and
this will help you to push your debt as
much as possible now what I'm going to
do is I'm going to film another video
which is going to be a continuation of
this talking about how to create a a
debt repayment plan and then we're going
to get into detail into how do you find
where do you find these 500 R to add in
your debt in order for you to pay to pay
more than the minimum and so but for now
I'm just saying that make sure that you
are not paying the money that they are
saying You must pay because if you do
that you're going to take longer to pay
off your debt so you want to pay more
than the minimum if they say pay 1,000
pay
1,500 always add additional and I would
say that it's always good to add add an
additional or 500 I feel like it makes a
much bigger Dent there are certain debts
that you can pay additional such as your
credit card you can pay an additional
such as your personal loan you can pay
additional for your car you can pay
additional for your house you can pay
additional you set these things up so
that it is there it is done so for me
with my house what I did was whenever
they say when they sent the a letter to
say that this is how much interest I'm
going to be paying on my debt because
the interest rates has went up what I
did was I just added a th000 so they say
they said to me you're going to pay um
you're going to pay 5,000 I think was
5,800 then what I did was I just added a
th000 on top of that so instead of
saying I want to pay five i instead of
saying I want to I'm going to be paying
5,000 what what which they said I must
pay I added 8,000 making it about making
it 7,000 actually I just added it to be$
7,000 and then that was my acement that
I sent back to my employer saying
every month make sure that 7,000 goes
out to pay for my bond that is what I
did now other people what they can do is
every month when they when they get paid
is they would add additional they'll
just add additional there's a way that
you can go about this when it comes to a
home loan which like they say pay after
the seventh after the interest has been
added then pay for me I just felt like
okay this just too much I just want to
add here initially I know that
eventually it will add up so if you
really want to get out of that fast do
not pay the minimum always add extra and
as I said I'll do a video on creating a
debt repayment plan on how do you then
go about doing this like the
implementation part speaking of debt
repayment plan the fourth thing is
create a debt repayment plan I feel like
this is very important in order for you
to stick to your decision now that you
know that you want to pay off your debt
you are clear about the debts that you
have it's very important to then now
create a debt repayment plan when I'm
working with my clients within the
financial mentoring uh program what I we
do is if you've got thatt is we sit down
and I say list me all tell me all of
your debts all of them how much do you
owe in each and every one of them if you
do not know what I would say is go back
to the people that you owe ask them how
much do you owe on this account on this
this this this this come back give me
the list of all those debts how much do
you owe and then how much do you pay how
much is the interest you need to start
there when you're creating a debt
repayment plan and and then you can go
further which I'm going to explain on
the next video but for now it is very
important that you create a Deb
repayment plan it's very important to
know how are you going to be attacking
this debt in order for you to create a
big dent in terms of how much money you
spend on debt per month and so sitting
down and creating a debt repayment plan
will allow you to be able to tackle your
debt one by one one by one and be clear
about okay how much am I putting on each
and every debt okay once I'm done with
this one we are on to the next one how
much am I putting into this one and for
how long am I planning to to do to do
this to a point whereby when I'm doing
the debt repayment plan for my clients
we put it down to the tea that on this
month you are finishing on this month
you are starting to you we we are adding
more on the following debt and you're
going to be paying it off by this date
by this month you should have done with
this so what this helps with is that it
allows you to track your progress it
allows you to remain accountable and
also it gives you an idea of how long it
will take for you to be out of all of
your debt or how long it will take for
you to be out of each and every debt and
then altogether how long would it take
for you to say you are free and so it's
very important to sit down and create a
debt repayment plan if you do not have
this and you're intentional about paying
off your debt I would say sit down and
create a debt repayment plan and then
the fifth th fif fifth thing is I would
say know your why know your why because
if you know why you want to get out of
debt it will make it will be the
motivation that you need as you are
paying off your debt because there will
be times whereby you feel discouraged
there will be times whereby you you're
just tired there will be times whereby
you feel demotivated and so having a
strong why will allow you to keep going
when it comes to paying off this debt so
be clear about why do you want to get
out of debt for me I wanted to get out
of debt because I wanted to get my money
back that was the first thing I also
wanted to have have freedom of my income
when it comes to just knowing that
majority of my income comes to me and it
is not servicing debt I also wanted to
deal with my debts because I wanted to
start working towards Financial Freedom
me clearing out my debt was one of my
means of saying I'm working towards
Financial Freedom and so you need to be
clear about your why there were times
whereby I would get my bonus and I would
look at it I'm like M Jen like I really
want to renovate this house I really
want to do this like you know I really
would love this for my house and then
I'll remind myself why is getting out of
debt more important than me renovating
my house and so you need to be clear
about your why why do you want to get
out of that sit down and think about
this thoroughly as much as I'm sharing
my wise they don't have to be your wise
because if you take my wise as yours
they're not going to be strong enough
for you to be able to remain consistent
and disciplined in the times whereby you
do not feel like doing it so you need to
sit down and and think about your why
and also another thing for me that was
my why was I hated the being in so much
debt and I know for some people say oh
hate is a lot hate hate is a big word or
is a strong word yes it's a strong word
because it invokes strong emotions I
hated being in so much debt I hated
getting paid each and every month and
seeing all of this money going going
towards debt I hated that I hated
feeling like I wasn't in control of my
finances that for me was enough
motivation for me to say I am getting
out of this debt so what I'm asking you
to do is sit down and think about why do
you want to get out of debt why do you
want to pay off this debt what is the
problem what is the rush because you can
quick you can just sit and pay minimum
each and every month but I want to I
want you to push yourself and think why
is it that it's so important for me to
pay off this debt once you understand
why it's important for you to pay off
this debt then sit down and create a
debt repayment plan once you've created
a debt repayment plan look at how much
money you can add on each and every on
those debts in order for you to get off
it get out of it faster and then look at
if you are getting any additional income
that you are not expecting bonuses look
into channeling that into the debt so
that you can get out of it fast if you
do these things like these are things
that I did I'm not just talking about
things that I didn't do I did these
things myself to the tea and it's a
reason why I was able to get off Deb so
quick it's the reason why I was able to
pay off my personal loan my credit cards
it is the reason why I now sit and I get
paid per month and I hardly have debt in
my budget yes I have like my my home
loan my NSP pass but those are things
that are taken before my salary comes to
me the only debt that I pay for right
now is my cell phone contract that I I
actively pay for it's my cell phone
contract but before I had credit cards I
had personal loan I had store accounts
but I was able to deal with all of those
things because I took it upon upon
myself that this is not the life that I
want for myself and so sit down and plan
and then execute execute execute when it
gets hard remind yourself why you
started and so we have gotten to the end
of this video and I hope that you found
value in this video and that you found
points of Nets that are going to help
you as you work on your debt as you work
on paying off your debt and so I'll see
you on the next one please take care and
stay safe
[Music]
bye
[Music]