How would you like to be debt free in only a few years, including zero mortgage debts?! Sounds too good to be true? Well check out this easy debt elimination plan from www.nodebtever.com - the plan the Banks DON'T want you to know about! First off, you need to do a little groundwork. Those debts took some time to build, so getting rid of them involves a little concentration.
Get your last half year's bank records together. Ignoring taxes, bills already paid etc, mark every entry that could in theory be reduced. It will help if you group like for like stuff together (a spreadsheet is good for this) for example, clothes, entertainment, groceries etc. What you are looking for is a way to shave 10% or more off each of these items. Make a list of ideas for each category. This is easier than it might sound - for example, in the 'Groceries' section, make a note to buy unbranded Supermarket generic products, rather than the big brand high cost versions. The amount you think you can save by doing this is your 'war chest' against debt.
Once you have done this, prioritize the bills as follows:- divide the outstanding debt on each bill by the minimum amount you can pay off each month. The smallest resulting number is your target bill. What you are going to do is continue your normal monthly payments on everything EXCEPT the target. The debt target gets the usual payment PLUS the war chest. You want to POVERPAY the debt each month to break it as fast as possible. Do this each month until the number one bill is paid. Then you move on to debt number 2 - the next smallest result of dividing the bill amount by the minimum payment. This time, of course, you can 'accelerate' the process by applying not only the 'war chest' but also the standard payments you used to pay on target number 1.
You are probably beginning to get the idea! Research from www.nodebtever.com indicates that the average US citizen can pay down ALL their debts in as little as 6 years using this method!
The important things about this method are as follows:-
You want to pay off the debt which will clear first. This allows you to 'accelerate' the process, using each item's payments on the next in the chain as the method matures. You must resist any temptation to focus on the higher interest debts - that is not essential here. If you run into problems (emergency expenditure required, that sort of thing) you can suspend the plan for the minimum amount of time it takes you to deal with the emergency, but then you must resume immediately. Oh, and by the way, DO NOT try to use your retirement 401(k) funds for this - fund it from income and windfalls only.
Subscribe to
Prosperity Mentors - if you want to quickly & easily discover the
wealth secrets of the
Masters, Prosperity Mentors is packed with tips, tricks &
strategies to give you the personal and financial success you dream of.
PLUS, Get The Following 2 outstanding bonuses
when you join:
(1) The make money report, How To Double Your Way To A
Million (valued at $19.97),
by Stuart Goldsmith
FREE
(2) FREE
Affiliate Program "Search Engine" Software - Locate
thousands of high-profit in-demand products you can
start selling for high profits right away. (Or just use it to
quickly locate products you want yourself - anything from
computing to parrots!)
So, don't waste a second
longer. Sign up For Prosperity Mentors ezine, and get your two
free bonuses right away...
We accept no responsibility whatsoever for the content,
profitability or legality of any published articles or advertisements
contained within. And, although all of the articles have been selected
for their content, the publishing of such articles within this website
does NOT constitute a recommendation of the products or services
mentioned or advertised within those articles. Be responsible! Always do
your own due diligence before responding to any offer.
