We’ve talked about this before. You can be debt free no matter how bad things look today. You can do it even though the credit card companies are out to get you, lie to you every single day, and continue to make offers to you for more credit cards.
The simple system to get out of debt is:
Collect every credit card payment as it comes in. Take the smallest balance credit card and apply all your extra cash to it. See a previous post for a way to come up with $15 dollars a day strategy.
When you pay off the lowest balance celebrate, under $15. and begin the next lowest balanced card.
Use the other strategies I recommend including an extra job, garage sale, over-time, tax returns, and found money to pay off early. It’s a good idea to have a reserve fund of at least $500 dollars. Its emergency money, I mean emergency. Vacations are not an emergency.
Repeat this process until you’ve paid off all your credit card debt. The nest step is fixed payments such as car, personal loans, and homes. Once again use the same concept strategy as credit cards. Go after the smallest balance first and now you can focus all the money you were paying toward credit cards toward the fixed loans.
Don’t stop, keep the momentum going and you can do it.
David Dassow
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