| 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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