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How to Ditch Your Debt

How to Ditch your Debt HOW 3 proven methods Choose the method thats right for you! Dave Ramsey's "Snowball' Method $1400 $5000 WHY IT WORKS: $800 Whoof Bank Smaller amounts My Bank City Card can be paid off quicker, allowing Pay debts with smallest balances first Pay the minimum you to see your payment on others progress faster and stay motivated. Suze Orman's High-Interest Method Celebrate the wins! • 22% 17% WHY IT WORKS: • 15% Attacking large interest rates first cuts down the Whoof Bank City Card total finance charges you'll My Bank pay, which is financially smart and keeps more Pay debts with highest interest rates first money in your pocket. Pay more than the minimum payment on others The Hybrid Method! 1 Get a pen and paper. WHY IT Stay Motivated & keep more money at the same time! Make a Column: List the names of your debts starting with the highest interest rates first. Make a Row: List the amounts of your debts in ascending order across the top. $800 $ 1400 $5000 Pay to: City Card Pay to: City Card 22% City Card This much: $800 + This much: $600 = $1400 Pay to: Whoof Bank This much: $800 + 17% Whoof Bank Pay to: Whoof Bank Pay to: Whoof Bank This much: $1400 + This much: $3600 = $5000 15% My Bank Pay to: My Bank This much: $800 = $800 2 Make "Imaginary Cards" Draw rectangles or use sticky notes. Starting at the top left, make a "card" and write the name of the debt from the left column and the amount from the top row. Make another "card" to the right with the remaining amount of debt or the amount from the top row- whichever is smaller. Do this until the cards total to the full balance of that account and repeat for each row. 3 Knock 'Em Down One at a Time Success Savor your Pay off the "imaginary cards" in the order that they were created, crossing them off as you go to see your progress. Wich Card eliwina ALWAYS be sure to keep making minimum payments on all debts .com Fund your dreams. with ead

How to Ditch Your Debt

shared by Anonymous (not verified) on Apr 18
The financial world is full of talking heads and self-help authors. When it comes to paying off debt, who said what? ...and what method is right for you? This infographic illustrates Dave Ramsey's an...




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