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Use this simple process to squash out the debt you have - fast! The trick is to roll over your payment. For example, if your first debt is 50 dollars a month and you pay it off, take the 50 dollars and roll it to the next payment. Say it is a 90 dollar payment each month. Now that the first debt is paid off you take the 50 dollars and add it to the 90 dollars and each month you will pay $140 till it is paid off and then roll the $140 to the next debt! This works fast and painlessly!
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Debt 1 Debt 2 Debt 3 Debt 4 Debt 5 Debt 6 Debt 7
Jan.Jan.Jan.Jan.Feb.Feb.Feb.Feb.Mar.Mar.Mar.Mar.AprAprAprAprMayMayMayMayJunJunJunJunJulJulJulJulAugAugAugAugSepSepSepSepOctOctOctOctNovNovNovNovDecDecDecDecJanJanJanJanFebFebFebFebMarMarMarMarAprAprAprAprMayMayMayMayJunJunJunJunJulJulJulJulAugAugAugAugSepSepSepSepOctOctOctOctNovNovNovNovDecDecDecDecJanJanJanJanFebFebFebFebMarMarMarMarAprAprAprAprMayMayMayMayJunJunJunJunJulJulJulJulAugAugAugAugSepSepSepSepOctOctOctOctNovNovNovNovDecDecDecDec
Begin with the creditor you want to pay off first - it may be the highest interest rate or earliest pay-off date
After you have repaid the first creditor, add the amount of that monthly payment to your payment of the second creditor
(rolling over the paid off amount into the next loan payment is key!) Continue till all the loans are repaid!☺
(From the Booklet "One for the Money: Guide to Family Finance" by Elder Marvin J. Ashton)
2011
2012
2013
