Do you want to pay off all of your debt but don’t know the best way to do it? Paying off a small 1500 loan, for example, quite easy. However paying off large amounts of debt can seem even overwhelming at times so in this article I’m going to show you the simplest way to get a handle on your debts and pay them all off once and for all.
Of all the options for debt relief this plan has two major benefits. The first is that it cost nothing to do. Unlike most other plans the plan will only cost the money you are already spending and secondly it will improve your credit standing as you progress through the program. So are you ready to get started?
First off, gather all of your debts from credit cards to your mortgage and align them from the lowest balance debt to the highest balance debt. This is the order you’ll want to pay your debts off in. You’ll also want to record all of this info on a spreadsheet of some sort so you can keep track of all of this information as well.
Next you’ll want to begin paying off the minimum payment towards each debt and placing all available cash towards the debt with lowest balance. By doing this you will be able to focus on one debt at a time which will actually speed up the process.
Once the first debt is paid off move onto the next debt with the lowest balance by putting all available cash towards this debt and paying the minimum on all of your other debts. Continue this process until you have all of your debts paid off.
I hope this do it yourself debt settlement guide has been helpful however their are two things you must do in this plan for it to work. First make sure you do not add any more debt to what you currently have or you may never get out of debt and secondly once all of your debt is paid in full take all the money you were paying towards your debts and build up a 6 month emergency fund to protect you from ever falling into debt again.