It is essential to repay any debt you have. Be it a credit card debt, an auto loan or a mortgage loan, you have to repay the installments with interest in time in order to prevent your loan to reach to unmanageable proportions. Knowing your debt is essential for easy and effective repayment. It is better if you document your debt properly. You can document t as and when it actually incurs or when you find it to be and actual obstacle for your software. This will help you in prioritizing your debt automatically. Therefore, knowing your debt is essential to follow the process of repaying your debt effectively.
Review And Repay
Once you know your debt, the next step is to review it through proper sources. Effective reviewing will tell you about the amount of debt you need to repair and also the time when you have to make a repayment. So, you must review your debt from time to time. By proper reviewing, you may also come across instances when you will want to incur one debt to pay off the other important one. It depends on the seriousness and gravity of the debt itself. Proper reviewing gives you the highest accounts payable turnover ratio. The longer tech debt stays unattended with you; it becomes harder to repay as it may disperse from your knowledge.
Law Of Diminishing Returns
This law almost applies unconditionally to tech debt. When you remove the biggest debt, risk gets reduced dramatically. With each subsequent solution, the utility comes down slowly and steadily. If you have a proper contingency plan in place, you can reduce this risk to a considerable extent. As with every further development, you are taking subsequent amount of risk, you must have a plan to overcome it through repayment. It does not end here as you cannot be complacent at all. You have to be prepared for any issues can crop up anytime as there is a constant change in the field of software.
Duty Of All Developers
In case of existence of tech debt, it is the duty for all, including the company as a whole, to take the responsibility of repayment. New developers are in a mood to bring out new developments fast. In the process they overlook the chances of technical debt which may arise due to their unawareness. In such a case it is also the duty of the developers to take the responsibility and not leave the cleaning up job and repayment for the specified work horses. For absolute motivation and building an efficient team of developers, you must make them feel that all are same and are equally responsible.
Repay Debt Fast
As there are ways to know how to get out of credit card debt, there are also ways to get out of technical debt too. If you know the proper way like planning, prioritizing, reviewing, applying test tools and other ways, you can repay your tech debt effectively and in time in order to prevent it from building up and reach to unmanageable proportions. As you are risk prone and not risk adverse, managing tech debt effectively enables the deliverance of quality products. You can even check out for debt consolidation loan and related topics to make things better for you and go ahead making your life tension free.