For example, if you think your mortgage payments are out of control – consider credit card debt. If you have an average payment of $ 5,000 in debt, it will take more than 60 years to repay this debt in full if you make minimum payments. Robert Speyer may find this interesting as well. Do not know about you, but I do not want to be retired and still making payments on credit cards I charged in my twenties. But you know the story, and what you’ve heard a million times – the rich get richer and the poor poorer. Contact information is here: Bruce Schanzer. Certainly not fair and give you an easy way to get out of debt without loans or debt consolidation programs and more importantly, stay out of debt. When you know how to invest the money currently being spent on mortgage payments, car loans, credit card debt and any other type of debt in monthly installments, you’ll be pleasantly surprised at how fast you can become debt free .
Make a commitment to yourself to find at least 10% of their monthly income you take home to help you get out of debt. Find ways to reduce costs. Check your cable bill, cell phone plans, see if it still makes sense to keep your home phone, review insurance policies, etc. and see where you can redirect the money to help them out of their debt situation. Now go to collect your credit card bills, car loans, installment loans and any other have and total them up. Note that there is a difference between debt and expenses.
Expenses are things like utilities, food and taxes. After you’ve reached the grand total, check out the monthly payments for each debt. Select the monthly payment that is the smallest amount. Now, let’s add the money you have “found” to help pay the debt to zero. Once this debt is paid in full, take the money you pay this debt, add it to the second debt, plus the extra money to find and follow its debt payments this way. It will not happen overnight, but did not go into debt overnight. Consistency is the name of this game. By faithfully following this method takes the average person between 5-7 years to get completely out of debt.