Money Talks News: Resolutions 2014: Getting Out of Debt
Fri, 03 Jan 2014 13:12:41 GMT —
Swimming in a sea of debt? You're not alone. According to TransUnion, credit card borrowers owe an average of $5,235 each.
But if you've resolved to destroy some of your debt this year, there's a simple, 3-step system that will work - if you work it.
Step one: list every payment, every debt that you have. Maybe it's a credit card, it's your car payment, it's your mortgage. Write it all down, the interest rates, the payments, the balance, all of it.
Stare at it for a minute. Now, here's step two: you're going to target one of your debts for payoff. Maybe it's your credit card.
The point is you're going to make the minimum payments on your other debts, but you're going to pay as much as you possible can on this one until it is dust. You're even going to bring in extra dough if you can possibly find it.
You're going to focus all your resources on this debt until it is dust.
Step 3: Now that you've crushed this debt right here, by adding this stuff to it. What you're going to do now is what's called "snow balling."
You're going to take that old debt payment and you're going to take that extra money that you have and you're going to apply that to this debt and you're going to use all that extra money until this debt is also dust. And you know what?
You can keep going down the line like this and you can take those old payments and you can snow ball them into debts until all your debt, even your mortgage is completely destroyed.
Now believe it or not, thousands of people have used this simple technique to get completely debt-free.
You can literally pay off every debt you have, including a mortgage, in as little as ten years, using that simple system.
What you need now is just a little bit more information and some motivation and both of them are waiting for you at moneytalksnews.com.
Just do a search for "Resolutions 2014." For Money Talks News, I'm Stacy Johnson.