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You go to the mail box and
scan - a couple fliers (nah), your magazine subscription (yes!) and
bills (groan). Every month the bills show up and as you sigh and take
out your check book you wonder if you will ever be free.
Each month you pay the minimums and although you
KNOW you've got a handle on it - you are not charging your credit card
or accumulating new debts anymore - it seems that you will be paying
the minimum fees forever.
Did you know that HOW you pay your debts can
affect how soon you will finishing paying them off - even if you keep
paying the same amount for debt every month? Of course you might be
able to get a consolidation loan, but if you're not eligible or are not
interested then there are several other things you can do.
It's not always the easiest to figure out the
mathematics, but there are three steps to quicker debt relief -
guaranteed.
STEP ONE - Create a list.
List your smallest debts first followed by your
largest high-interest debts (credit card) and then your largest
low-interest debts (Lines of credit and taxes).
Plan to pay the minimums on all debts with these
goals in mind:
STEP TWO - Small bills first.
They may not be the highest interest, but every
bill that you are paying some interest on means you are usually only
paying minimal amounts on the principal. Multiple debts are also a sure
way to bring your spirits down. Paying off small debts first is a quick
way to start checking them off - and freeing your mind.
STEP THREE - Move the payments along.
When one debt is paid add the funds to the next
debt. For example, say you're making $75 payments to a small debt. When
the debt is cleared add the $75 to the next debt on your list. If the
next debt had a minimum payment of $100, you will now pay $175 until it
is paid off. When that one is finished, take the $175 and add it to the
next payment and so on.
STEP FOUR - Save the cash!
Don't forget that when your debts are cleared you
have set yourself up for a better financial future. The best way to
take advantage of your new situation is to use all the money you were
spending on debts and start investing or saving it every month.
With this strategy your debts will clear faster
meaning you will pay less interest, you will see progress as you clear
small debts first, and you will not be tempted to use the funds for
personal use instead of debt repayment.
It is a worthwhile goal to get out of debt. Seeing
that goal come sooner and teaching yourself discipline sets you up for
a brighter financial future. You OWE yourself that!
For more information go to: http://www.ukisolutions.com
Article Source: http://www.articleplanet.co.uk
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