The best way to reduce debt depends on your Debt Repayment Personality. We’ve divided them into two main types: Trickle Feeders, and Blob Feeders.

Are you a Trickle Feeder?

This type of Debt Repayment Personality tends to make the minimum repayments and when they have spare money at any stage, they put it towards reducing their debt. ‘Trickle feeding’ debt this way is a common approach many people use.

But some people struggle with paying off debt like that - to them it seems like a boring or slow way to reduce debt. That’s because they’re actually Blob Feeders.

Are you a Blob Feeder?

Unlike Trickle Feeders, Blob Feeders get more satisfaction from watching savings grow, than by reducing debt.

If you’re a Blob Feeder, you’ll be more motivated by making the minimum repayments but saving up money in a separate bank account, so that you can make bigger, lump sum payments later: in ‘blobs’.

To grow savings even more, Blob Feeders may be motivated to increase their income, e.g. do overtime, and/or reduce costs by making financial sacrifices (like going without a night out on the town). So, Blob Feeders can often pay off debt sooner than Trickle Feeders.

You still need savings for Financial Shocks

Both types of Debt Repayment Personalities first need to save enough money to cover possible financial shocks in the future. Then spare cash or extra savings can be used to reduce debt.

Whether you’re a Trickle Feeder or Blob Feeder, how you pay off debt comes down to what ‘spins your wheels’. Any money you put toward reducing debt helps, the main thing is to find what works for you and to get rid of your debt.

Remember that reducing debt isn’t just about paying less interest (and possibly fees), it’s also about reducing how long it’ll take. Being in debt can be stressful and the longer that drags on, the worse you may feel.

Stay on top of your debt

Find out how you can have a better relationship with your money! To help you pay off debt faster, try our simple yet powerful online Journey: Get on Top of Short-term Debt.