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Wanna Get out of Debt?
Here is a simple way how to get out of debt that you can probably afford: Rank all your debts from highest to lowest. Make minimum payments on all accounts except the lowest balance account. You will want to work into your budget that you either double or triple the minimum payment on this balance. When the lowest balance is totally paid off, close the account and take that minimum payment you were making for that account and add it to the minimum payment of the next highest debt. Here is an example: 1st account---- $2000 balance $75 minimum payment
2nd account---- 500 balance 25 minimum payment
3rd account---- 100 balance 15 minimum payment Triple the minimum payment for 3rd account to $45. In 3 months, that account is paid off. Take that $45 and add it to the $25 minimum payment on account #2 so now you are paying $70 minimum payment. 6-7 months of this and that account is done. See how it works? Now, sit down, take a look at what you have for credit card balance, see what you can scrap up in your budget and wash those credit cards right out of your wallet! |
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