Eliminate Credit Cards and/or Bad Debt
List the credit cards
List the total amounts due after each credit card
List the minimum payment next to each card
Divide the monthly payment into the amount due to determine the # of months till payoff
List the cards in order with the lowest amount of months first, and the most months last
Pay an extra $150 monthly on the first card, while making the minimum payment on the other cards
When the first card is paid off, add the (minimum of the first card + $150) to the minimum of the second card and pay that monthly until the second card is paid off.
When the second card is paid off, add the (minimum of the 1st card + the minimum of the 2nd card + $150) to the minimum of the third card. Pay that amount to the third card monthly until it is paid off.
Continue this until all cards are paid off.
Congratulations: You are Now Out of Credit Card Debt!!! |
