7 Simple Steps to Eliminate Credit Card Debt
Many people have debt with credit cards, which can grow and become difficult to pay down. Will these 7 simple steps work for you?
If you find yourself struggling with debt, then making a demand to clear it and using the system below may just get you free.
Most people fail at the first step; will you be different?
- Get all of your Credit Cards and cut them up.
- List the balances for each card, from big to small, and the minimum payment for each.
- From now on, make the minimum payment for each card and 5 times the minimum for the Credit Card with the smallest balance.
- Repeat this each month. This method gets things moving fast (it's like losing five pounds in the first week of a diet).
- When the smallest Credit Card has been paid off, take all of the money you were paying on that card and add it to the minimum payment you're making on the next card.
By the time that you get to your last credit card, which will be the one with the highest balance, you will be putting huge chunks of money on the card each month. Before you know it, you will be debt free. - When you are finally free of all of your Credit Cards, reward yourself. Take the 2 months of payments you were using to pay-off the last Credit Card and Buy Yourself Something—with the cash!
- After you have rewarded yourself, Start Saving. Take all of the money that you used to pay the last Credit Card and put this into savings.