Now that we’re back to work and are seeing the bills from our seasonal shopping we may need to take a nap! Instead, take charge (oops) of your bills and get rid of them.
Here are a few, easy ways to retire debt. This video summarizes what I have taught me kids and clients for years:
- Select the highest interest rate debt and throw all of the money you can at it’s balance.
- Make minimum payments only, on all of the other cards so you can focus on #1.
- When #1 is gone tumble down to #2 highest rate and do the same thing. You’ll be able to pay even more on this one because #1 is gone.
- Put the cards away! Only use them once or twice a year – and then, only on something you really NEED.
- Remember: those who understand interest, charge it. Those who don’t understand interest, pay it.
Also, make sure to put, say, 10% of your paycheck into savings and don’t touch it.
2016 can be a liberating year. Make it happen.