Continued from page 1
If you’ve been paying only minimum due month after month, ask yourself this question, “Do I have an extra $10.00 I could apply to this month’s payment?” I’m sure that most of us could find some way to come up with an extra $10.00 for month. Try cutting out a few cups of coffee or lunches at your nearby fast food outlets and in no time flat you’ll have saved up extra money that you need.
Now, it’s time to unveil “The Simple $10.00 Debt Elimination Solution.” Take that extra $10.00 and add it to minimum monthly payment above, therefore making a payment of $37.50. By adding just that $10.00 a month to your minimum payment, you’ll trim 23 months or nearly two years off of that credit debt! On top of that you’ll save $277.00 in interest alone! That’s money you can put toward savings or paying off other debts. Imagine how much you’d be able to save if you applied this same simple strategy to each of your other credit card debts!
Paying down credit debt doesn’t always mean having to make huge monthly payments or sacrifices. It just takes some basic planning and a simple effective strategy to make it work.
© 2005, http://www.yourfreecreditreportnow.com Author: James H. Dimmitt James is editor of “To Your Credit” a FREE weekly newsletter focusing on managing your personal finances and credit. Subscribe and get a FREE copy of your credit report when you visit: http://www.yourfreecreditreportnow.com