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Recently I’ve visit a good couple who had about $15,000 in credit card debt that they really wanted to get rid off. Now the interesting thing was a year ago, I had visited with the same couple and guess what? They had about $15,000 worth of credit card debt that they wanted to get rid off and the reason that they have not made any progress is because they did not have a plan to reduce debt.
It is not complicated if you choose to get out of debt and I think all of us really want to. We simply have to have a plan to do so, so here’s what I recommend.
Look at your debt; let’s say you have five credit cards for example. Organize them; organize them from the lowest to highest balance. Let’s say you have one with a $1,000.00 and one with $2,000.00 and one with $3,000.00 and one with $5,000.00. Let’s just use little round numbers to make it simple and let’s say the fifth one has $6,000.00.
When you organize them, then you start off with the $1,000.00 balance and you pay on head as aggressively as you possibly can to eliminate that $1,000.00 balance. You would pay the minimum that you’re required to pay on all of the other creditors. So when you eliminate the first one then you take that amount that you were paying on the first one, you roll to the next lowest balance, and then you pay it as aggressively as you possibly can. Continuing to pay the minimum on the remaining balances and what you will start to see is that creditors start falling off the list because you’re paying of the lowest and then the next and then the next and it starts rolling over and building momentum for you. And you will start seeing those creditors eliminated, you will start seeing the balance go from whatever it was to zero because you have a plan and you stick with the plan.
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