One of the goals on my list of things to do this year, is pay down my debt and increase my credit score.
I really want to buy a new car by Mid Summer, but I am under a sizable load of credit card debt.
My major problem is trying to pay things all at once then short changing myself for the rest of the month.
I had to find a better way.
On a chance, I happened upon Suze Ormans website.
For those who have not heard of her, she is a financial genius She often tells you the things that you may not have wanted to hear, but totally know that you need to.
Spend what you can afford
Pay yourself first
There is a section on her site which offers financial tools, for help with budgeting ( a word that needs to be in my vocabulary more often) saving and paying down debt.
What returns, is a customized payment plan suited to your personal debt.
It’s actually pretty cool! I also learned that I was paying my debt all wrong, what Suze suggested, was to take my highest interest card, pay that down first ( while making minimum payments on the rest of my cards) once that bill was paid, use that money to roll down to the next highest interest bill and keep going until your all paid off.
Then you take the money you spent paying those cards off, and put some of it in savings.
For whatever reason, paying my debt is now alot clearer, and I am no longer shorting myself every month trying to pay it all off at once.
So if you are looking for a little guidance on how to dig out from all that debt, give her website a try!
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