How do you get on top of credit card debt and get ahead?
Our debt elimination plan will help.
- Pop all of your statements on the table and look at amount owing on each, if necessary do have a glass of wine to face them! It is freeing once you have.
- Add up all your minimal monthly payments, thats how much you are paying now.
- Look at ways to create or add an extra $200 a month to your income (thats only $50 a week ladies we can all generate that).
- Look at your current spending choices how much can you save? What can you change to save a little more?
- Ideally freeing up a total of $500 a month will make a massive difference very fast.
- Have a look at the interest rate on each card (each card will usually be between 10 – 20%) and the total amount owing on each.
- The extra money you have created and saved is now going to be used in full and added along with your minimum monthly payment to the credit card with the lowest amount owing. You keep doing this every month until it is paid in full.
- Then you take the minimum monthly spend you had on that card , add it to the $500 and apply both amounts to the card with the next lowest amount owing, in addition to the minimum monthly payment.
- Then when that card is cleared you take both previous minimum monthly payments and apply them along with your $500 to the next lowest card and keep going until it is also cleared.
Are you getting the picture? Before you know it instead of compounded interest working against you, you will have compounded payments now working for you, it slices the debt fast and saves you so much interest and time. Plus it feels so good when you have knocked one over and see the reduction on your statements.
That is why we start with the lowest total amount owing not the card with the highest interest rate, it gives you quicker wins and is emotionally rewarding, so you will keep going!
Imagine how good it will feel to know you are now in control and on the way to clear this debt fast and save thousands. You can do it!
The hardest part is deciding and getting started, if you need support please shoot us a comment or give us a call.
We would love to hear from you!