Drop Your Debt IMMEDIATELY!

In order to pay off your credit card debt at the minimum sum, you will need about 25- 30 years. This is not in the least encouraging.

Start by listing out all credit cards that you own, while making sure to include all debts from furniture stores, doctor and home bill.

Create columns and list the following: credit card type, main amount, regular payment sum, interest rate, power down payments, estimated payoff day, number of payments left on each credit card. Your list should be made in order of payments left in descending order (largest to smallest). For a credit card that pays a minimum of $50 per month until complete payment, you will hence have $50 freed up to include in the minimum payment for another of your credit cards. After paying off your second card, the sum paid could be applied to the next card. When you use this method, you drop the years of paying off your debts by 2 – 8 years approximately

This strategy should be used with other ideas or new methods of freeing up money.  If your monthly expenditure at Starbucks amounts to $100, then it would be wise to consider using that sum for paying off your credit card debts.

Note that money issues are quite emotional by nature. Most people spend and make money due to emotional impulses. Look back to see how much and on what you spent money during the past week. What matters is how well you manage the money you make and not how much you actually make.