So, you have your debt reduction strategy in place, and you are ready to ramp up your debt reduction with some advanced steps? Awesome. (If you do not have a solid debt reduction strategy, check this post out.) 1. Call your credit card companies and ask them to lower you interest rates. In many cases, your current company will bump…
Category: Debt Reduction
Ramp Up Your Debt Reduction: 5 Quick And Easy Steps
1. Make a list of your debts, with balances, interest rates, account names, and monthly minimums. 2a. List your debts, lowest balance to highest balance OR 2b. List your debts, highest interest rate to lowest interest rate. (2a will give you a quick emotional “boost” when you pay off that first, smaller debt… 2b will give you a “mathematical” advantage,…
How To Get Out Of Debt: Step 4
Step 4: Continue to make your minimum payments for all of your accounts, adding extra principal towards your lowest balance. Pay down your lowest balance account AS FAST AS YOU CAN. Once you have paid off your lowest balance account, do not take your foot off of the peddle! Take the total amount that you were paying on your lowest…