First thing is first, stop taking on new debt.
Stop using credit cards and store credit offers, no money down for 0% interest.
List all the debts with their payment plans and determine how long it will take to pay off the debts at the minimum payment schedule.
Picture yourself in that year, that age, that stage of life. Is that what you want your paycheck going to at that time in your life?
In my case, I remember laying it all out – I was 23 and it was scheduled to be payed off when I was 38. I couldn’t even imagine being 38, but I certainly did not want to be 38 paying off debt that I had acquired at 21.
No, Thank You.
This is an over-simplified working spreadsheet example of what I used to get my family out of debt – with a quickness. Once I saw the numbers laid out like this it was all over for me.
Want a copy of my spreadsheet? Email me at firstname.lastname@example.org
Look for more next Wednesday on how to roll a debt snowball from this example.
ACTIONABLE STEP: Email me for this spreadsheet, fill it out and look at your pay off date. Let that sink in. Comment below the impact this exercise had on you.
x’s & o’s,