I recently wrote about our debt reduction process – a simple one-page guide to getting out of debt. Over the next few days, I plan to elaborate on each of the steps mentioned in the article, starting today with a few notes about step 1 – and the emergency fund. My wife and I have our primary checking account with…
Category: Debt Story
Get Out Of Debt – One-Page Summary Of Our Process
It’s been a minutes since I last wrote about debt reduction – so I thought I would write out a simple, one-page summary of the steps that my wife and I have taken to eliminate our debt. 1. We established a small emergency fund. We started with $1000 in cash – and our fund fluctuated between $800 and $2000 during…
Put That First Debt Balance In The Rear-View
After establishing an emergency fund, my wife and I began to eliminate our debt. Here’s what we did. We made minimum payments to all of our creditors. We never missed a payment and all payments were made on-time. We listed our creditors in order, by balance owed, smallest to largest. We attacked the first balance on our list, by sending…