Debt Problem? ChatGPT Offers Practical Repayment Tips

Borrowing money may seem easy, but repaying it often proves challenging. A young man who found himself burdened with debts turned to ChatGPT for guidance on how to repay them. ChatGPT advised that debts can be managed effectively through financial discipline, suggesting a structured approach to repayment.

ChatGPT recommended beginning with a complete list of all outstanding debts—including credit card balances, EMIs, and personal loans from friends or acquaintances. For each entry, the individual should note the interest rate and due date in detail on paper. This provides clarity and forms the basis for a practical repayment plan that aligns with the person’s income.

The AI tool emphasized that initial focus should be on clearing the smallest debts first. Once one minor debt is repaid, the individual should proceed to the next smallest one. This method, it stated, brings quick victories and builds confidence. For those with multiple small debts to repay, ChatGPT suggested the possibility of consolidating them into a single, larger loan with a lower interest rate. This strategy could help reduce the overall interest burden.

Increasing one’s income, even modestly, was also highlighted as an effective way to accelerate debt repayment. According to ChatGPT, even small additional earnings can make a significant difference over time. Lastly, if the debt burden becomes overwhelming, ChatGPT advised seeking guidance from financial experts.