How Do You Set Up A Debt Payment Plan?
Once you have decided that you want to get out of debt you need to set up a debt payment plan. It is important to realize that by applying your extra money to one debt at time, you will significantly speed up the debt repayment process. If you work hard you will be surprised at how quickly you can pay off your debtDifficulty: EasyTime Required: 60 minutesHere’s How: • First, you need to make a list of all the debt that you have. Your list should include the minimum payment amount, the interest rate and how much you owe. • Second, you will need to rank your debts in the order that you want to pay them off. Some experts recommend going from smallest to largest, since this helps to get the momentum going. Others recommend listing the debts from the highest to the lowest interest rate, since this will save you the most money. • Third, you will need to decide how much extra money you have a month to pay towards your debt. You may need to cut back spending in other areas so that you have the
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