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Action Plan: The Way To Power Down Your Debt Today
It will take you on average somewhere between 20 to 30 years to pay off your credit card at the minimum amount. This will not do.
Compose a list of all of your charge cards (including all personal debt including doctor bills, furniture stores and your home).
Specify the following in columns: the type of charge card, principle amount, standard payment amount, power down payment, rate of interest, amount of payments left on the card, estimated payoff date. Put your list in order of how many installments are left from least to most.
If you make the absolute minimum payment of $55/month on one of your credit cards until it is paid back fully, you then have $55/month freed up to add to the minimum monthly payment for the next credit card. Right after you pay off the second credit card, the quantity you were paying on that one could be put toward the third card.
By doing this, you will decrease the years required to pay off your charge cards from roughly 30 years to 9 years.
Employing this strategy, think about the other ways you can free up money. If you invest about $100 at Starbucks each month, think about investing that cash toward your credit card obligations.
Don't forget, money is emotional. We spend and make money based on emotional compulsion. Go back and see what you spent money on during the last week and how much you spent. It is not how much cash you make that matters, but how properly you handle it that counts.
And if you manage it the right way, you may see yourself owning your own business, going public, and possibly investing in a successful merger company. When you can't wait and want to figure out how to be financially stable, look up: mergers companies.
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