Plan B: Eliminating Debts One-At-A Time
How about you? Deep in debt and see no light at the end of the tunnel. So were we until my husband came across a debt reduction plan which proved to be the fastest, less stressful on the wallet way to reduce debts. This is not a complicated program but you do have to restrain your spending to your basic needs and follow through to be successful.
Debt reduction basically works like this:
Step 1: Begin by paying off your smallest debt. Let’s say the minimum monthly amount you are paying is $25.00, double that monthly payment to $50.00 or more if you can afford it. The more you pay the faster you will see the debt disappear. Once you have paid off your smallest debt, relax, celebrate, and have yourself an ice cold or steaming hot cup of coffee.
Step 2: Now let’s work on the next smallest debt. We followed this plan and it does work. Add the payment you were making in step 1 to the minimum due.
Step 3: Add the amount you were paying in previous debt to the minimum due. Keep doing this until you are debt free. At this point you may be feeling a little lost or confused. Don’t give up, look to the future. If you stick with this plan in a few short years you could be debt free.
Learn more in Plan C.