Step 3: Now you have an organized chart detailing your current debt situation. You can easily see your monthly minimum payments. All you have to do now to begin reducing your debt is to add as much extra money, per month, as you can to the account with the lowest balance. In our example below, the lowest balance has a…
Category: Debt Reduction
How To Get Out Of Debt: Step 2
Step 2: You now have a sheet of paper with your list of debt accounts. Re-order your list so that you have your accounts listed lowest balance to highest balance. Nest, write down your monthly minimum payment for each account. Add your minimums together. This is your total monthly minimum payment amount for all of you debt. This is a…
How To Get Out Of Debt: Step 1
I have decided to create a comprehensive, step by step plan for getting out of debt. Please note: I will assume that before you begin your debt reduction, you have saved at least 1000 dollars in an emergency fund and that you have decided to stop adding to your debt load. On to… Step 1: On a piece of paper,…