How to reduce debt – strategies & tips to pay off your debt | ASB

Many of us have debts in one form or another. It might be personal or car finance, hire purchases or a store card. Managing multiple repayments can be tricky, and if you don’t have a plan of attack, it’s easy to feel overwhelmed. First, make a list of all your debts and use it to devise a strategy. One approach is to start by tackling the debt with the highest interest rate. Or start with a quick win, and pay off the one with the smallest outstanding balance first. Another angle of attack is to pay the debts you won’t build up again – such as a personal or car loan. Once they’re gone you know they’re unlikely to come back. If you have a number of smaller, high interest debts, putting them all into one manageable debt consolidation loan could make life easier, and ASB can help you arrange this. A debt consolidation loan has a fixed term, with just one fortnightly or monthly bill – less ongoing admin and a date when you know these debts will all be repaid by. So try to keep up those minimum repayments, make a plan of attack and stick to it. For other ideas, check out more ASB Money Tips.

Paul Whisler


  1. The reason most of the world is in dept is because of banks, F*** y'all !!!!

  2. I want to know how to live at the moderate living standard without accumulating debt. And that means a place to live in a safe area, decent housing, six changes of clothing + two special occasion options and three leisure wear. Utilities paid, decent furniture including a decent mattress, two items for recreation, private transport, four pairs of shoes, three coats, hair preparation by professional every two weeks, communication device, decent diet, occasional every two weeks outing, once a year vacation, inviting persons in home once every six weeks, stockings and socks, personal items replenished every month. Clothes cleaned, all underwear replaced every two to three months.Buying of occasional present for loved one twice a year, health insurance, life insurance, housing insurance, car insurance, taxes. Unexpected expense twice a year.

  3. Good Presentation! Loved your tips especially the point  paying off higher interest debt first. These are great practical ways to start paying off debt.

  4. What a very strange statement " How to reduce debt" . Maybe it should say "how we can't reduce debt using reserve bank notes and credit" People it's a debt based currency pushing up the so called national debt. How do you pay a debt with a debt? It goes much deeper than that but I'll leave it there. COME ON KIWIS, WAKE UP. RBNZ notes and credit are private script. You use you pay. Ask this bank if it's LAWFUL money going into your, oh sorry THEIR account and see what they say. Yes ASB issue RBNZ credit. For more info google Anna Von Reitz and Neil Keenan. Have a good day from the far north and up you ASB, but not those at the teller level as you just don't know yet.

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