The Five Step Plan.
Joe had a problem?he needed to take charge of his personal debt consolidation, but he simply didn?t know where to start.
Are you in the same situation?
Do you have creditors calling you, or do you want to clean up your credit so that you?ll be able to purchase a home in the future?
If so, don?t despair?instead read our five step plan for taking charge of your personal debt consolidation today!
Your first step is to stop spending! That?s right, you should cut down on buying anything (other than the essentials, like rent, food, etc), and only buy something if it is an absolute emergency.
Next, you?ll need to analyze your situation. You should list all of your debts, from the ones with the highest interest rates, down to the lowest. The ones on the top of that list should be your highest priority because all of that interest is literally eating away your money!
Figure out how much you can realistically afford to pay every month as your next step, and then put it in writing. You have to commit to this amount each and every month in order for your personal debt consolidation plan to succeed.
Now, it?s time for action. Begin by paying all of your monthly payments, and then whatever is leftover from your committed payment amount, put it towards that high interest debt. Do this every month until that loan is paid off.
Whew! You?ve finally got the highest interest rate debt paid off, but don?t slack off now! Go back to your list and find the second highest interest rate debt, and begin to put all of your extra available money toward that one.
Do this debt by debt until, finally, you are debt free!
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