A local gym has the following statement on its sign: “Stepping in the door is the hard part. The results are easy.”
It applies to eliminating debt as well. The hardest step is getting started!
- Stop signing up for more debt!
- Save $2,500 and save in your emergency fund – pay minimum payments on all debt until you have $2,500!
- Find out which debts you owe and how much you owe
- Seek to reduce or eliminate the interest you are paying
- Calculate your debt freedom date – using the free tool HERE
- Pay minimum payments on all debts except the smallest one
- Attack the smallest debt with as much money as possible
- As each debt is paid off, use the freed up payment money to add to the payment of the next smallest debt.
- Repeat steps 6 thru 8 until you become debt free!!!
You CAN do this! When is your expected Debt Freedom Date?