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How large is your credit card debt? If you're anything like the average household, that number is probably bigger than you would like. For those with credit card debt, the average debt is almost $16,000 per household. The total credit card debt in the United States is approaching $800 billion! These somber statistics point toward an even sadder reality: too many people - maybe even you - feel like a slave to their debt. Credit card debt can be crushing to your soul and your family's finances. Imagine for a moment what it would be like to be rid of your debt…
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HOW YOU CAN PAY OFF $20,000 IN CREDIT CARD DEBT IN 5 YEARS
Average debt is nearly $16,000 dollars per household.
United States credit card debt is approaching $800 billion.
Credit card debt may be crushing your soul as well as your family finances.
HOW WILL YOUR LIFE CHANGE?Imagine for a moment what it would be like to be rid of your debt…
YOU COULD…
Keep additional dollars in your pocket every single month.
Retire sooner than you could before.
Enjoy greater ease in paying bills.
YOU COULD…
Enjoy improvements in your credit rating.
Sleep better at night.
Take vacations, start a business…
→ Do many things you’ve only dreamed about!
GET YOUR INFORMATION TOGETHERKeep in mind that following nearly any plan is much better than failing to follow the best plan.
LOCATE THE FOLLOWING INFORMATION…
Total balance
Interest rate
CALCULATE YOUR INTEREST PAYMENT…
New / Current Balance
Multiply by APR
Divide by 12
ADD INTEREST PAYMENTS…
Take interest payment for each credit card
Add these numbers together to see what you must pay monthly.
This amount only prevents your debt from growing larger – it does not reduce it.
CALCULATE PRINCIPAL PAYMENT…
Total Debt
Divide by# of years
Divide by 12
TOTAL MONTHLY DEBT PAYMENT
Interest Payment
Principal Payment
Total Payment
MAKE A PLANControl yourself if you want to free yourself.
THE EVEN PLAN
• This plan pays an even amount to
each credit card.
• Divide total monthly payment by number of credit cards.
• Ensure both interest and principal payments are included.
THE SNOWBALL PLAN
• Begin with the card with the smallest balance.
• Pay this card off before moving to the next.
• Build momentum as you pay off each card.
• You’ll feel more accomplished with this payment plan.
THE SMART PLAN
• With this plan, you pay the least amount of interest.
• Target the highest interest rate debt first.
• Go from highest to lowest in terms of APR.
WHERE CAN I GET MONEY?
Reflect on your own lifestyle .
ADDITIONAL SOURCES OF INCOME…
Part-time jobs Tutoring Freelanc
e work
Craigslist Selling items
Fiverr.com
Gigs and services
Temp jobs
CONSIDER SPENDING LESS…
Carpool Brownbag lunch
Eliminate cable
Rent movies
Brew coffee What else?
ADDITIONAL TIPSKeep an open mind and your end goal in sight. it will be here before you know it!
THESE ACTIONS WILL HELP…
Get a lower interest
rate.
Shop for 0% APR balance
transfers.
Find cards with lower fees.
THESE ACTIONS WILL HELP…
Make payments on time.
Avoid creating
new debt.
Track your
progress.
YOU CAN DO THIS!Consistent progress– even if that progress is small –is powerful.
All you need is a plan and the determination to follow through.
Choose one of these three plans and make a real effort to stick with it.
It can take time, but eliminating credit card debt is well worth the effort.
We hope you enjoyed your Special Report!
Curtis Roese is an experienced professional with extensive experience in personal finance and small business matters. Curtis writes and publishes articles, courses, guides and special reports on his personal finance blog.
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