How to ELIMINATE DEBT SUPER FAST!

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By DandelionMom
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ELIMINATE DEBT SUPER FAST!

If you are swamped by debt, as most Americans are today, here is a simple and effective way to eliminate your debts fast and forever!

Difficulty: Moderately Easy

Instructions

Things You'll Need:

your bills
paper
pen
calculator
desire to be debt-free

Step 1

Collect all of your latest bill statements and get together a pad of paper and something to write with. You first step is to categorize your bills in order to figure out which bills to pay off first. On your sheet of paper make a listed order, like 1, 2, 3, 4 and so on. Then, list each bill on a number, like 1: Chase Visa, 2: Mastercard, etc.
Step 2

For each bill, divide the total amount due by the amount of your monthly payment. Then, on a separate sheet of paper make a new list and using the numbers you figured out, organize them from the highest to the lowest number. This will be the order in which you pay off your debts.
Step 3

Now that you have your list, figure out how much extra you can put towards your bills. It may be $5, $50, or any amount that you can put towards the debt. Pay your all of your bills with their regular monthly payment, except add the extra money towards the bill listed as #1 on your list. Continue doing this every month until the bill listed as #1 is paid off.
Step 4

Once the first bill is paid off, continue to pay all of your bills with their monthly payments, as usual, except you will add the extra money PLUS THE MONTHLY PAYMENT FROM THE BILL THAT WAS PAID OFF to the bill listed as #2. Continue to do this until the 2nd bill is paid off.
Step 5

Once the 2nd bill is paid off, continue to pay your bills as usual with their monthly payments, except you will add the extra money PLUS THE MONTHLY PAYMENTS FROM THE PAID OFF BILLS #1 AND #2 TOWARDS BILL #3! See the pattern? You will continue this pattern until all of your debt is gone!!!