6 Steps To Living A Debt Free Life

6 Steps To Living A Debt Free Life

Once you have created a budget and know where your money is going, you can start paying down your debt. The thought of becoming debt-free can seem impossible, especially when the average college graduate has tens of thousands of dollars in student loans to pay back on top of credit card debt. There is a simple way to approach paying off these debts: Dave Ramsey's Debt Snowball Plan.

This plan works by focusing on one small, manageable debt at a time. Here are some tips to implement the Snowball Plan:

1. Make a list of each of your debts, including the balance.

2. List them from the smallest to largest balance.

3. Make minimum payments on all of your other debts, and funnel all of your extra funds into the first (smallest) debt.

4. Each time you pay a debt in full, work on the next smallest debt on your list. Funnel your extra funds, including the payment from the first debt, into the new debt.

5.Continue this program until you reach the last debt on your list.

6.Know how it feels to live debt-free!

By starting with your smaller debts, you see results quickly, which helps motivate you to keep going. You'll be surprised by how much progress you can make in a short amount of time with this plan.

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Phone: 336-455-2128
Dated: March 6th 2017
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