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Each month you pay the minimums and although you
KNOW you've got a handle on it - you are not
charging your credit card or accumulating new debts
anymore - it seems that you will be paying the
minimum fees forever.
Did you know that HOW you pay your debts can affect
how soon you will finishing paying them off - even
if you keep paying the same amount for debt every
month? Of course you might be able to get a
consolidation loan, but if you're not eligible or
are not interested then there are several other
things you can do.
It's not always the easiest to figure out the
mathematics, but there are three steps to quicker
debt relief - guaranteed.
STEP
ONE - Create a list.
List your
smallest debts first followed by your largest high-interest debts
(credit card) and then your largest low-interest debts (Lines of credit
and taxes).
Plan to pay the minimums on all debts with these goals in mind:
STEP
TWO - Small bills first.
They may
not be the highest interest, but every bill that you are paying some
interest on means you are usually only paying minimal amounts on the
principal. Multiple debts are also a sure way to bring your spirits
down. Paying off small debts first is a quick way to start checking them
off - and freeing your mind.
STEP
THREE - Move the payments along.
When one
debt is paid add the funds to the next debt. For example, say you're
making $75 payments to a small debt. When the debt is cleared add the
$75 to the next debt on your list. If the next debt had a minimum
payment of $100, you will now pay $175 until it is paid off. When that
one is finished, take the $175 and add it to the next payment and so on.
STEP
FOUR - Save the cash!
Don't
forget that when your debts are cleared you have set yourself up for a
better financial future. The best way to take advantage of your new
situation is to use all the money you were spending on debts and start
investing or saving it every month.
With this strategy your debts will clear faster meaning you will pay
less interest, you will see progress as you clear small debts first, and
you will not be tempted to use the funds for personal use instead of
debt repayment.
It is a worthwhile goal to get out of debt. Seeing that goal come sooner
and teaching yourself discipline sets you up for a brighter financial
future. You OWE yourself that!
About the author:
James Louis writes about things that impact our society. His years of
experience in finance prompts him to write about and share his insights
about different aspects of the financial world. One of those insightful
subjects is payday loans. For more information visit:
http://www.payday-loan-site.com
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