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July 2, 2015: Debt Payoff Plan
If you have any debt to your name, then you’re going to want to listen up to find out how to pay it off fast and effectively!
If you’re like most Americans, you’re carrying some form of debt, whether from a school loan, on a credit card, or even just your mortgage. The problem is that we’ve been conditioned to believe it’s OK to carry debt, when the truth is, debt makes you a slave and holds you back from living freely and generously.
What you want to do is make a list of all your debts, from smallest to largest (regardless of interest rate). Pay the minimum payment on all except the smallest, which you’re going to put as much extra income towards as you can each month. Once that’s paid off, take what you were paying on the first loan and throw it at the second lowest. Continue this way until everything is paid off. Soon you’ll find that freedom from debt beats any shopping trip you could take!
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The Family Money Minute is made possible by Operation Christmas Child, who reminds us that by saving money, we can make a bigger impact on the lives of needy children around the world.
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