What if you could wave a magic wand and all your debt is gone? Wouldn’t that be nice? A little wave, maybe a couple words and all your debt is gone. What type of vacations could you now afford if you had zero debt? Would you be able to send your kids to a better school or college?
It is important to take a look at what credit card debt is NOT allowing you to do. If you had an extra $500 a month would this help with your lifestyle or retire earlier? Let’s take a look at a plan that could save you a lot of money: The Debt Stacking Magic Wand
There is one magic wand and that would be to form a debt plan. Now if you did have a magic wand that’s probably what it would produce. BAM. A debt freedom plan that would show you step by step how to elminate debt quickly and effectively.
One of the best plans is a debt stacking plan. All you do is attack one bill at a time. It could be a department store card, a Visa or MasterCard or a car loan. Whatever bill you look to payoff first the most important part is to only pay the minimum on the rest of the bills.
Usually the best bill to attack first is the one with the lowest balance since it can free up more money quicker than higher balances. Some people think paying off the highest balance makes the most sense since they are paying the most interest on that bill. However, usually the smaller balances will have a longer pay off period than some larger balances.
I know this doesn’t seem logical, but trust me it works. A true debt stacking plan would involve paying more than the minimum on one bill. Hopefully you can pay more than $100 a month towards a plan. Keep paying the $100 extra on that first bill until it is paid off. Then take the $100 plus the minimum on that bill you were paying, say it was $40.
On the next bill you would take the entire $140 plus its’ minimum payment, say $55 . On this bill you would pay a total of $195 until that balance is elminated. Keep doing the same with the rest of the bills.
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