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Our
Featured Debt Relief Book Online:
Step by Step Guide To Debt Elimination
IMPORTANT NOTE: This debt reduction plan is based on what you owe NOW. In order for this to work
you must stop accumulating debt. This means that you don t use your credit cards, don t buy a car, don t
finance a loan, etc. That s easy to say, but in reality, you may need to buy something on credit. If you do
you must understand that this will increase the amount of time it will take to eliminate your debt.
Step 1 - How Much Do You Owe?
It s obvious that before you can start eliminating your debt you have to know how much you owe and to
who you owe it to. You can use the table in chapter 2 where you can list your debts along with the
balance on each. Simply write each debt in the table and add the payments and balances in the space
provided. Now that you know what your outstanding debt is you can use this to start the debt elimination
process.
Step 2 - Determine Which Debt To Pay First.
Who To Pay First? If you need to see results in order to stay motivated. We recommend that you start
the process with the bill with the smallest balance. However, if you start with the bill with the highest
interest rate, over time, you will save more. This is a judgment call that you will need to make. It doesn t
really matter because this system will work either way.
Step 3 - Set Up Your Payment Schedule
This is where you determine how much you are going to pay on each debt each month. Knowing that
you may not be able to add that much extra to your payments you can pay as much as possible
and still eliminate your debt much quicker. Every extra dollar you pay will go directly to paying down your
debt and not the interest. There are many ways to earn extra money to add to your debt reduction plan.
Depending on how much extra you can pay toward your debt will determine how long it will take you to
become debt-free.
We have listed several ways below for you to find extra money. Many of these won t apply to everyone,
but it will give you some ideas that you can use.
Get a part time job. Yes, this is the most obvious way to earn extra money but it may not be the best.
Almost every job will create extra expenses like transportation, food, uniforms, etc. Make sure that it is
really worth it.
Sell something. Most of us have things around the house that we really don t use. Take a look at what
you have and, if you don t need it anymore, sell it.
Have a yard sale. If you have a lot of stuff that you don t need you could earn a good amount of cash
by having a yard sale.
Start a business. No, this doesn t have to be an elaborate business venture. It can be absolutely
anything. The best thing to do is determine what your strengths are and put them to work for you.
Start your own web site. This isn t necessarily as easy as some may think. Even if you figure out how
to start your own web site and have a product or service to sell you must be able to get people to your
web site. That is absolutely the hardest part, however, it can be done. There are several places on the
web where you can start a web site and don t need to know any computer code. Once you have set up
your site, just search the web to find places to promote it. You actually don t even need to have anything
to sell. There are thousands of affiliate programs that you can promote where all you have to do is show
their ad and they will pay you a commission if it sells from your site. As with anything else, do your
homework. There is no limit to ways to earn extra money. The most important thing is that you use that
money wisely whether it be to pay down your debt or buy something that you couldn t afford otherwise.
Just make sure that when you decide on a way to make money that it doesn t cost you more than you
make.
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