Hi, my name is Peter Repak. I'm the owner of Clear Financial LLC, a debt negotiation company. How to pay down debt. Well, it's pretty simple. You make money, you pay it and then you going to be out of debt. But there is something, there is an actual method for it. It's called the debt snowball. What it is, is do, is pretty simple. You take your lowest amount that you owe, the lowest credit card, the lowest balance credit card, and whatever is the minimum payment on that one, you pay that one. And whatever else you can pay on that one, you pay all whatever you have onto that one single card because your perspective, your purpose is to get out of debt. So what you do is pay to one debt, single card, as much as you can. The rest of the cards, you pay nothing but the minimum payment. There's a reason why: because if you're going to spread the minimum payments all around, you're not going to accomplish too much. What you want to do is you want to pay off the lowest amount of card first. Once you did that one, you attack the next one. Whatever the minimum payment that actually have saved off from here, what freed up from here, you attach it to the next one. So now all of a sudden, you have let's say two hundred dollars instead of just a hundred and fifty because fifty bucks from here actually had freed up. You attach it to next one, and to the next one, and to the next one. By the time you go to to the largest card, you have maybe five, six, seven hundred dollars to be able to pay off that card each and every single month. What you need for this though is discipline. You have to have discipline to be able to do this. My name is Peter Repak. I'm the owner of Clear Financial LLC, a debt negotiation company. Thank you for watching.
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