Debt Program
IF YOU:
- Are constantly worrying about how much money you owe.
- Are living from paycheck to paycheck.
- Are regularly near or over the limit on your credit cards.
- Are left with no money after you’ve paid all your bills.
- Are unable to pay all or some of your bills, credit card payments, loans, etc.
- Are only making the minimum payments on your credit cards.
If two or more of above questions apply to you, this may the solution you’ve been looking for.
Here are some simple steps you should follow:
1. Sit down and analyze your income and all expenses. Prepare a monthly budget using the printable budget worksheet.You may need to find ways to reduce your current expenses (Check out My Amazing Savings).
2. Determine how much you owe. Make a list of your debt statements, outstanding balances, annual percentage rate or APR, minimum payments, and due date.
3. Decide which account you’ll pay off first. Choose the one with the highest interest rate or the lowest balance.
4. Apply the minimum payment and some extra money to the first debt you’ve chosen to pay off.
5. While you make payment on the first debt, keep paying the minimum on others.
6. When the first account is paid off, add the same amount to the minimum payment of the next account.
7. Repeat steps 3 through 6 for all debts until payoff is complete.