4 Ways of Dealing With Debt
My ex had a knack for running up debt-- it wasn't until the third time (of run up and payoff) when I put my foot down, that she decided she wasn't happy. However, that is another story. Alas, I had to develop a knack for paying the debt down. Each time the debt got into the five digit range here is what I did:
- Instituted a cap on new spending- Not easy, but sometimes slowing down allows you to catch up
- Started small- Instead of the highest interest rates, I went to the lowest balances first to achieve quick successes and for more motivation-- it also allowed me to employ my next tip
- Doubled down- These days they call this "Snowballing", when I paid off one balance I took the payment and applied it to the next debt usually doubling up (hence I called it "Doubling Down") and thereby knocking that targeted debt off faster-- I repeated this process tripling, quadrupling, etc.
- Rounded up- I do this all the time, rounding up to the nearest $10 or $50 or $100. For example, if the car payment is $210, I would pay $250
If you have a big debt try these techniques-- they will definitely accelerate your debt's elimination.


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