DEBT ELIMINATION STRATEGIES
Looking at debt, can become overwhelming. Sometimes you may feel when that you will never get over it. With a debt elimination plan, you can start on the road to becoming debt free.
I love this article from Bankrate that lists great advice on where to start.
- Make a list of debts
- Review your Budget
- Find Room for Debt Payments
- Prioritize Debts
- Make a Goal
DIFFERENT DEBT ELIMINATION METHODS
Two most popular debt elimination methods are:
Snowball Method - Pay off small balances first then move to the largest balances
Avalanche Method - Pay off high interest rate balances first to save more money and then work down.
There are many methods to choose from.
Personally, I use the Snowball Method. The Snowball Method is great for me in developing a debt elimination plan and keeping track of how to pay off debt with starting from smallest to largest. The feature of being able to see the timeframe on paying off, keeps me motivated and on track.
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DEBT ELMINATION METHOD WORKSHEET
Here is a Free Download for the Snowball Method Worksheet that I use. Let's start eliminating Debt to FINANCIAL WELLNESS!!