Erase that debt now

If you have consumer debt, do you know exactly how much interest you’ve paid to others over the years? Are you still seeing that debt accumulate month after month – with no end in sight? We’ve all been there, and it can seem like there’s no getting out of the credit rut. By taking simple measures and following a plan, we’ll show you how to start paying off your debt rapidly.

Any amount is a good start and better than none at all. We recommend trying to establish a habit of paying back a specific percentage above the minimum payments every month. That way, you’ll see results much more quickly. The most important thing is to begin today.

Write down or use a spreadsheet to list all of your current debt:

– Home Mortgage

– Financed Vehicles

– Credit Cards

– Financing for Household Items (furniture, appliances, jewelry)

– Student Loans

Write down the debt owed on each and how much interest you’re paying, including the interest rate. Your highest interest rates will likely be on credit cards, so we’ll start with that.

You might be paying the bare minimum to pay off each of these loans. Let’s try to at least double or triple the minimum payment on the account with the highest APR. As an example, if you’ve been contributing $50 every month, you’ll now pay $100 or $150 until the debt is paid off. Pick a monthly amount and continue paying it, even as the balance and minimum payment decreases.

Now, here’s how you get everything paid off:

Take the money you were paying on the first credit card and add it to what you’re already paying on your second account. Assume you’ve been paying $50 every month on the next debt thus far. You’d start to pay $150 or $200 now. After you’ve paid off that card, put this amount toward your next bill.

Assume your next debt is a $200 car payment. How swiftly do you think you’ll be able to pay off your car if you pay an extra $200 every month? When that’s finished, you’ll have an extra $400 each month to use toward paying off your school loans or mortgage! It’s important to record your progress and see the numbers.

Once you get started, the debt starts to disappear rather quickly. You’ll feel incredible as you take ownership and control of your debt.