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Reduce Your Debt

Let's get down to the heart of it. Following the procedure below, the average American consumer can eliminate all debt including the mortgage in about 7.5 years using only the money currently earned. But this is not a half way measure. You must either be committed to do it or go on to another program that will reduce your budget. This program is drastic... but so are the results. You are about to find out how badly you want out of debt, because this is where the rubber hits the road.

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Preparation

Gather your last six to seven months of check registers. List each item which has any hope of reduction (not bills because they will soon be paid off, taxes because they are a fact of life, etc.). If there is a question, list it.

Categorize each entry (groceries, entertainment, lunches, savings, etc.)

Develop ideas for how to save on each entry aiming for a total of 10% of gross. (as an example--- stop monthly savings = $50; use grocery coupons = $60). This becomes your nest egg or "Accelerator Margin".

Execution

List each bill along with payoff amount and minimum payment required.

Divide the total payoff amount by the minimum monthly payment and assign a numeric sequence starting with 1 for the lowest division answer, 2 for the next lowest, etc.

Each month make the normal monthly payment to each debt except debt one to which you also apply the Accelerator Margin. Repeat until debt one is paid.

Pay the minimum monthly on all bills except debt two. With debt two, apply the minimum monthly + Accelerator Margin + former debt one payment. Continue until debt two is paid.

Start on debt three with the accelerator margin + former debt one + former debt two, etc.

Frequently Asked Questions

Shouldn't I payoff the highest interest debt first? ......

No you should not. The objective is to pay off the quickest ending debt first in order to create more leverage to pay more on the following bills.

What if I have an emergency? ......

if an emergency comes, suspend your debt elimination progam temporarily, then resume when it has ended. But make a comitment to get back to your debt ellimination program as rapidly as possible without fail.

Should I use the money from my 401(K) to create my Accelerator marging? ......

No! The tax burden far outweighs the gain in debt payoff. You can temprarily suspend payment to a 401(k) until you have a few debts paid off but especially in the case of a company subsidized program, do not stop your matching share.

This is so easy, how come they don't teach it in school? ......

They don't teach it in school because it is not in the creditors best interest and our society is geared toward having greater debt to stimulate the economy. What is wrong with that picture?

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