How to repay your debt
Minimise the repayment period
You can minimise the repayment period on your borrowings by increasing the monthly installments in order to settle the loan sooner as this reduces the total interest repayable. Remember that interest is levied on the balance owing at the end of each day and added to the debt at the end of each month.
Avoid accessing capital repaid
Dipping back into the funds that have been repaid increases the risk of falling into a debt trap as debt is never fully repaid and closed off. A high level of debt also reduces your credit score meaning future credit will be approved at relatively higher interest rates.
Redirect payments towards savings
Once your debt has been repaid, put the same installment towards savings. Your lifestyle will already be adjusted down to cater for these payments so there is no need to change it once you have paid off your debt.