Signs That You Need A Loan Repayment Strategy Change

Nobody likes having debt. You can ask anyone and you’ll get a collective “no”. We dream of the sweet day those balances hit zero.

But sometimes, our awesome life plans and well-thought-out repayment strategies go sideways. That’s okay! It just means it’s time for a strategy refresh.

But life changes – a new job with less income, a medical bill out of the blue, or the desire to start building wealth faster. The next second you might fight a wrench thrown in even your best-laid loan repayment plans. 

1: The Dread is Real

Hey, we’ve all been there – a little flutter of anxiety when you check your loan statement from the online money lender in Singapore you borrowed from. It’s totally normal to feel that way sometimes. But the keyword here is “sometimes”. If these things happen often, then you’re experiencing overwhelming anxiety towards loan repayment.

If the mere thought of making payments fills you with panic, that’s a red flag. Time for a fresh approach, buddy.

2: Living on Instant Noodles (And Not by Choice)

Always barely getting by, living off of sales and saving pennies so much that it’s no longer fun? It might be time for a change when your loan payments become the only thing that makes you happy.

There should always be room for even the smallest treat (trust us, you deserve it). You shouldn’t have to live like a broke college student (again!) to stay on top of your debt.

3: The Credit Card Shuffle

Ever find yourself paying off your loan balance with a credit card…only to have the credit card debt pile up by the next month? Ouch!

This is called the “domino effect” of debt, and it can’t last. When you have loans and credit card debt with high interest rates, it can feel like your ship is sinking. It’s a clear sign that you need to change your strategy.

4: Your Progress Feels Like Watching Paint Dry

Although you always make your payments on time, the loan balance doesn’t change much. That feeling of simply standing still is very discouraging. While you’re working hard, if your current plan doesn’t seem to be working, it’s time to try something else.

5: Big Life Changes Are Coming Up

Big life changes on the horizon? Think: buying a house, starting a family, or switching careers? These are all game-changers for your finances.

If you also have loans, you should review your repayment plan ahead of time, before those big changes happen. The plan is to think of steps that help your goal, not hurt them. 

“Okay, I Need a Change, Now What?”

Do not panic, and don’t feel bad! It is possible for you to win.

What you should do first and foremost is to go over your budget again. This time, however, make sure you really take the time to make a new, detailed budget. Get honest about your current income and all your expenses. This will help you see exactly where your money is going and what you have available for those loan payments.

You may also consider refinancing. Could you snag a lower interest rate by refinancing your loans? Sometimes, refinancing can lower your monthly payment or help you pay off your loans faster.

If you can, try exploring income-driven repayment plans, which will help you manage your monthly plans more effectively. And, of course, help is given to those who ask! Trust us, it’s okay to reach out to your loan servicer for assistance because they may have other programs and choices to ease your burden.


A strategy for paying back a loan isn’t a one-time thing. As your life changes, your approach can too.

Don’t beat yourself up if you need to try something different. Simply aim to discover a strategy that eases your financial worries and leads you to debt-free living! Hope this helps!

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