4 Quick steps to Debt Management
Be aggressive in paying down Bad Debt, but don’t get so ambitious that you risk missing minimum payments on your mortgage, automobile, or any other secured credit accounts.
Step one: Work it out
Sit down and work out how exactly how much you owe and who you owe it to. Gather the latest bills from all your Debt accounts.
Find the minimum monthly payment for each account and then add these up to get an overall monthly minimum. Pledge to pay this overall minimum PLUS an additional chunk every month — enough to make a good dent in the outstanding balance of at least one account.
Next, order the latest bills according to annual interest rate charged. Apply the ” additional chunk” (beyond the minimum) to the highest rate account(s). Repeat this process monthly until the last Debt account is paid in
Step two: Budget
Once you know how much you owe you can draw up ..
Source: get out of debt