Debt Free in Three Steps

From Debt Free to Financial Freedom in Three Steps

Did you know that if you pay the minimum payment on a high-interest credit card it could take 33 years to pay it off?!!!

Three Steps to Financial Freedom

1. Find an extra $100 or $200 a month, and add that to your payment.


2. If you have multiple cards, pay the first one (highest interest and lowest balance), then pay off the next one with the $200 plus the minimum payment from the first one.


3. Once all the cards are paid off, use the extra money to invest.

Here is an article from Yahoo Finance:

Yes, You CAN Get Out of Debt
http://finance.yahoo.com/how-to-guide/banking-budgeting/18442

If you can automate the process, it will be much easier. Remember, it takes time to get into debt, and it takes time to get out. Control your spending now! If you are in a hole, stop digging.

An interesting note: Many financial planners will recommend eliminating all credit card debt before investing. That advice causes people to miss out on the power of compounding for all the years that they are not saving or investing, and are just getting deeper and deeper into debt. Remember, even with the above plan, to pay yourself first.