https://archive.freecapitalists.org:443/wikis/howto/how-to-pay-off-debt-quickly-and-easily.aspxUser-contributed tutorials on any topic - economics research, website tutorials, software setup, etc.en-USCommunityServer 2008.5 SP2 (Build: 40407.4157)https://archive.freecapitalists.org:443/wikis/howto/how-to-pay-off-debt-quickly-and-easily.aspxMon, 18 May 2009 06:34:34 GMT944abf2b-d1be-4bf2-990d-438cb0e377e9:142liberty studenthttps://archive.freecapitalists.org:443/wikis/howto/how-to-pay-off-debt-quickly-and-easily/comments.aspxCurrent revision posted to How-To Wiki by liberty student on 5/18/2009 12:34:34 AM<br /> <h2>How to Pay off Debt Quickly and easily</h2> <div style="font-size: 90%;">Filed under: <span style="text-decoration: line-through; color: red;">pay</span> <span style="text-decoration: line-through; color: red;">off</span> <span style="text-decoration: line-through; color: red;">debt</span><span style="text-decoration: line-through; color: red;">,</span> <span style="text-decoration: line-through; color: red;">debt</span></div> <p><span style="text-decoration: line-through; color: red;">While</span> <span style="text-decoration: line-through; color: red;">charging</span> <span style="text-decoration: line-through; color: red;">up</span> <span style="text-decoration: line-through; color: red;">your</span> <span style="text-decoration: line-through; color: red;">credit</span> <span style="text-decoration: line-through; color: red;">cards</span><span style="text-decoration: line-through; color: red;">,</span> <span style="text-decoration: line-through; color: red;">you</span> <span style="text-decoration: line-through; color: red;">don</span><span style="text-decoration: line-through; color: red;">&rsquo;t</span> <span style="text-decoration: line-through; color: red;">realize</span> <span style="text-decoration: line-through; color: red;">that</span> <span style="text-decoration: line-through; color: red;">how</span> <span style="text-decoration: line-through; color: red;">big</span> <span style="text-decoration: line-through; color: red;">the</span> <span style="text-decoration: line-through; color: red;">repayment</span> <span style="text-decoration: line-through; color: red;">issue</span> <span style="text-decoration: line-through; color: red;">can</span> <span style="text-decoration: line-through; color: red;">become</span><span style="text-decoration: line-through; color: red;">.</span> <span style="text-decoration: line-through; color: red;">When</span> <span style="text-decoration: line-through; color: red;">you</span> <span style="text-decoration: line-through; color: red;">are</span> <span style="text-decoration: line-through; color: red;">neck</span> <span style="text-decoration: line-through; color: red;">deep</span> <span style="text-decoration: line-through; color: red;">in</span> <span style="text-decoration: line-through; color: red;">debt</span> <span style="text-decoration: line-through; color: red;">and</span> <span style="text-decoration: line-through; color: red;">just</span> <span style="text-decoration: line-through; color: red;">paying</span> <span style="text-decoration: line-through; color: red;">the</span> <span style="text-decoration: line-through; color: red;">minimums</span> <span style="text-decoration: line-through; color: red;">and</span> <span style="text-decoration: line-through; color: red;">nothing</span> <span style="text-decoration: line-through; color: red;">else</span><span style="text-decoration: line-through; color: red;">,</span> <span style="text-decoration: line-through; color: red;">it</span> <span style="text-decoration: line-through; color: red;">is</span> <span style="text-decoration: line-through; color: red;">better</span> <span style="text-decoration: line-through; color: red;">that</span> <span style="text-decoration: line-through; color: red;">you</span> <span style="text-decoration: line-through; color: red;">become</span> <span style="text-decoration: line-through; color: red;">serious</span> <span style="text-decoration: line-through; color: red;">about</span> <span style="text-decoration: line-through; color: red;">how</span> <span style="text-decoration: line-through; color: red;">to</span> <a href="http://www.debtconsolidationcare.com/"></a><a href="http://www.debtconsolidationcare.com/"><span style="text-decoration: line-through; color: red;">pay</span> <span style="text-decoration: line-through; color: red;">off</span> <span style="text-decoration: line-through; color: red;">debt</span> </a><span style="text-decoration: line-through; color: red;">soon</span><span style="text-decoration: line-through; color: red;">.</span> <br /><br /><span style="text-decoration: line-through; color: red;">According</span> <span style="text-decoration: line-through; color: red;">to</span> <span style="text-decoration: line-through; color: red;">the</span> <span style="text-decoration: line-through; color: red;">debt</span> <span style="text-decoration: line-through; color: red;">professionals</span><span style="text-decoration: line-through; color: red;">,</span> <span style="text-decoration: line-through; color: red;">the</span> <span style="text-decoration: line-through; color: red;">most</span> <span style="text-decoration: line-through; color: red;">effective</span> <span style="text-decoration: line-through; color: red;">way</span> <span style="text-decoration: line-through; color: red;">to</span> <span style="text-decoration: line-through; color: red;">eliminate</span> <span style="text-decoration: line-through; color: red;">your</span> <span style="text-decoration: line-through; color: red;">debts</span> <span style="text-decoration: line-through; color: red;">is</span> <span style="text-decoration: line-through; color: red;">to</span> <span style="text-decoration: line-through; color: red;">knock</span> <span style="text-decoration: line-through; color: red;">off</span> <span style="text-decoration: line-through; color: red;">the</span> <span style="text-decoration: line-through; color: red;">balance</span> <span style="text-decoration: line-through; color: red;">with</span> <span style="text-decoration: line-through; color: red;">the</span> <span style="text-decoration: line-through; color: red;">highest</span> <span style="text-decoration: line-through; color: red;">interest</span> <span style="text-decoration: line-through; color: red;">rate</span> <span style="text-decoration: line-through; color: red;">in</span> <span style="text-decoration: line-through; color: red;">the</span> <span style="text-decoration: line-through; color: red;">beginning</span><span style="text-decoration: line-through; color: red;">.</span> <span style="text-decoration: line-through; color: red;">When</span> <span style="text-decoration: line-through; color: red;">this</span> <span style="text-decoration: line-through; color: red;">debt</span> <span style="text-decoration: line-through; color: red;">is</span> <span style="text-decoration: line-through; color: red;">repaid</span><span style="text-decoration: line-through; color: red;">,</span> <span style="text-decoration: line-through; color: red;">go</span> <span style="text-decoration: line-through; color: red;">for</span> <span style="text-decoration: line-through; color: red;">the</span> <span style="text-decoration: line-through; color: red;">debt</span> <span style="text-decoration: line-through; color: red;">that</span> <span style="text-decoration: line-through; color: red;">has</span> <span style="text-decoration: line-through; color: red;">the</span> <span style="text-decoration: line-through; color: red;">second</span> <span style="text-decoration: line-through; color: red;">highest</span> <span style="text-decoration: line-through; color: red;">interest</span> <span style="text-decoration: line-through; color: red;">rate</span><span style="text-decoration: line-through; color: red;">.</span>&nbsp; <br /><br /><span style="text-decoration: line-through; color: red;">You</span> <span style="text-decoration: line-through; color: red;">should</span> <span style="text-decoration: line-through; color: red;">always</span> <span style="text-decoration: line-through; color: red;">remember</span> <span style="text-decoration: line-through; color: red;">to</span> <span style="text-decoration: line-through; color: red;">settle</span> <span style="text-decoration: line-through; color: red;">the</span> <span style="text-decoration: line-through; color: red;">debt</span> <span style="text-decoration: line-through; color: red;">with</span> <span style="text-decoration: line-through; color: red;">the</span> <span style="text-decoration: line-through; color: red;">highest</span> <span style="text-decoration: line-through; color: red;">interest</span> <span style="text-decoration: line-through; color: red;">rate</span> <span style="text-decoration: line-through; color: red;">initially</span><span style="text-decoration: line-through; color: red;">.</span> <span style="text-decoration: line-through; color: red;">You</span> <span style="text-decoration: line-through; color: red;">must</span> <span style="text-decoration: line-through; color: red;">take</span> <span style="text-decoration: line-through; color: red;">stock</span> <span style="text-decoration: line-through; color: red;">of</span> <span style="text-decoration: line-through; color: red;">your</span> <span style="text-decoration: line-through; color: red;">bills</span> <span style="text-decoration: line-through; color: red;">according</span> <span style="text-decoration: line-through; color: red;">to</span> <span style="text-decoration: line-through; color: red;">the</span> <span style="text-decoration: line-through; color: red;">interest</span> <span style="text-decoration: line-through; color: red;">rates</span> <span style="text-decoration: line-through; color: red;">instead</span> <span style="text-decoration: line-through; color: red;">of</span> <span style="text-decoration: line-through; color: red;">the</span> <span style="text-decoration: line-through; color: red;">amount</span> <span style="text-decoration: line-through; color: red;">of</span> <span style="text-decoration: line-through; color: red;">balance</span><span style="text-decoration: line-through; color: red;">.</span> <br /><br /><span style="text-decoration: line-through; color: red;">You</span> <span style="text-decoration: line-through; color: red;">can</span> <span style="text-decoration: line-through; color: red;">also</span> <span style="text-decoration: line-through; color: red;">adopt</span> <span style="text-decoration: line-through; color: red;">an</span> <span style="text-decoration: line-through; color: red;">alternative</span> <span style="text-decoration: line-through; color: red;">plan</span> <span style="text-decoration: line-through; color: red;">by</span> <span style="text-decoration: line-through; color: red;">paying</span> <span style="text-decoration: line-through; color: red;">off</span> <span style="text-decoration: line-through; color: red;">the</span> <span style="text-decoration: line-through; color: red;">debt</span> <span style="text-decoration: line-through; color: red;">with</span> <span style="text-decoration: line-through; color: red;">the</span> <span style="text-decoration: line-through; color: red;">smallest</span> <span style="text-decoration: line-through; color: red;">balance</span> <span style="text-decoration: line-through; color: red;">first</span><span style="text-decoration: line-through; color: red;">.</span> <span style="text-decoration: line-through; color: red;">It</span> <span style="text-decoration: line-through; color: red;">can</span> <span style="text-decoration: line-through; color: red;">give</span> <span style="text-decoration: line-through; color: red;">you</span> <span style="text-decoration: line-through; color: red;">the</span> <span style="text-decoration: line-through; color: red;">momentum</span> <span style="text-decoration: line-through; color: red;">that</span> <span style="text-decoration: line-through; color: red;">you</span> <span style="text-decoration: line-through; color: red;">require</span> <span style="text-decoration: line-through; color: red;">to</span> <span style="text-decoration: line-through; color: red;">follow</span> <span style="text-decoration: line-through; color: red;">a</span> <span style="text-decoration: line-through; color: red;">pay-down</span> <span style="text-decoration: line-through; color: red;">strategy</span><span style="text-decoration: line-through; color: red;">.</span> <span style="text-decoration: line-through; color: red;">As</span> <span style="text-decoration: line-through; color: red;">soon</span> <span style="text-decoration: line-through; color: red;">as</span> <span style="text-decoration: line-through; color: red;">those</span> <span style="text-decoration: line-through; color: red;">small</span> <span style="text-decoration: line-through; color: red;">balances</span> <span style="text-decoration: line-through; color: red;">disappear</span><span style="text-decoration: line-through; color: red;">,</span> <span style="text-decoration: line-through; color: red;">you</span> <span style="text-decoration: line-through; color: red;">should</span> <span style="text-decoration: line-through; color: red;">return</span> <span style="text-decoration: line-through; color: red;">to</span> <span style="text-decoration: line-through; color: red;">plan</span> <span style="text-decoration: line-through; color: red;">A</span><span style="text-decoration: line-through; color: red;">:</span> <span style="text-decoration: line-through; color: red;">get</span> <span style="text-decoration: line-through; color: red;">the</span> <span style="text-decoration: line-through; color: red;">money</span> <span style="text-decoration: line-through; color: red;">that</span> <span style="text-decoration: line-through; color: red;">has</span> <span style="text-decoration: line-through; color: red;">been</span> <span style="text-decoration: line-through; color: red;">earmarked</span> <span style="text-decoration: line-through; color: red;">for</span> <span style="text-decoration: line-through; color: red;">paying</span> <span style="text-decoration: line-through; color: red;">those</span> <span style="text-decoration: line-through; color: red;">bills</span> <span style="text-decoration: line-through; color: red;">and</span> <span style="text-decoration: line-through; color: red;">utilize</span> <span style="text-decoration: line-through; color: red;">it</span> <span style="text-decoration: line-through; color: red;">towards</span> <span style="text-decoration: line-through; color: red;">the</span> <span style="text-decoration: line-through; color: red;">debt</span> <span style="text-decoration: line-through; color: red;">that</span> <span style="text-decoration: line-through; color: red;">has</span> <span style="text-decoration: line-through; color: red;">the</span> <span style="text-decoration: line-through; color: red;">highest</span> <span style="text-decoration: line-through; color: red;">rate</span> <span style="text-decoration: line-through; color: red;">of</span> <span style="text-decoration: line-through; color: red;">interest</span><span style="text-decoration: line-through; color: red;">.</span>&nbsp;&nbsp;&nbsp;&nbsp; <br /><br /><span style="text-decoration: line-through; color: red;">The</span> <span style="text-decoration: line-through; color: red;">secret</span> <span style="text-decoration: line-through; color: red;">of</span> <span style="text-decoration: line-through; color: red;">being</span> <span style="text-decoration: line-through; color: red;">successful</span> <span style="text-decoration: line-through; color: red;">in</span> <span style="text-decoration: line-through; color: red;">debt</span> <span style="text-decoration: line-through; color: red;">repayment</span> <span style="text-decoration: line-through; color: red;">is</span> <span style="text-decoration: line-through; color: red;">sincerely</span> <span style="text-decoration: line-through; color: red;">following</span> <span style="text-decoration: line-through; color: red;">a</span> <span style="text-decoration: line-through; color: red;">useful</span> <span style="text-decoration: line-through; color: red;">pay-down</span> <span style="text-decoration: line-through; color: red;">strategy</span><span style="text-decoration: line-through; color: red;">.</span> <span style="text-decoration: line-through; color: red;">Don</span><span style="text-decoration: line-through; color: red;">&rsquo;t</span> <span style="text-decoration: line-through; color: red;">take</span> <span style="text-decoration: line-through; color: red;">a</span> <span style="text-decoration: line-through; color: red;">break</span> <span style="text-decoration: line-through; color: red;">from</span> <span style="text-decoration: line-through; color: red;">making</span> <span style="text-decoration: line-through; color: red;">the</span> <span style="text-decoration: line-through; color: red;">minimum</span> <span style="text-decoration: line-through; color: red;">payments</span> <span style="text-decoration: line-through; color: red;">while</span> <span style="text-decoration: line-through; color: red;">you</span> <span style="text-decoration: line-through; color: red;">are</span> <span style="text-decoration: line-through; color: red;">getting</span> <span style="text-decoration: line-through; color: red;">the</span> <span style="text-decoration: line-through; color: red;">bills</span> <span style="text-decoration: line-through; color: red;">repaid</span><span style="text-decoration: line-through; color: red;">.</span><br /><br /><span style="text-decoration: line-through; color: red;">You</span> <span style="text-decoration: line-through; color: red;">should</span> <span style="text-decoration: line-through; color: red;">think</span> <span style="text-decoration: line-through; color: red;">prior</span> <span style="text-decoration: line-through; color: red;">to</span> <span style="text-decoration: line-through; color: red;">doing</span> <span style="text-decoration: line-through; color: red;">something</span><span style="text-decoration: line-through; color: red;">.</span> <span style="text-decoration: line-through; color: red;">Analyze</span> <span style="text-decoration: line-through; color: red;">your</span> <span style="text-decoration: line-through; color: red;">finances</span> <span style="text-decoration: line-through; color: red;">and</span> <span style="text-decoration: line-through; color: red;">find</span> <span style="text-decoration: line-through; color: red;">out</span> <span style="text-decoration: line-through; color: red;">how</span> <span style="text-decoration: line-through; color: red;">much</span> <span style="text-decoration: line-through; color: red;">you</span> <span style="text-decoration: line-through; color: red;">can</span> <span style="text-decoration: line-through; color: red;">practically</span> <span style="text-decoration: line-through; color: red;">manage</span> <span style="text-decoration: line-through; color: red;">to</span> <span style="text-decoration: line-through; color: red;">pay</span> <span style="text-decoration: line-through; color: red;">on</span> <span style="text-decoration: line-through; color: red;">a</span> <span style="text-decoration: line-through; color: red;">monthly</span> <span style="text-decoration: line-through; color: red;">basis</span><span style="text-decoration: line-through; color: red;">.</span> <span style="text-decoration: line-through; color: red;">You</span> <span style="text-decoration: line-through; color: red;">should</span> <span style="text-decoration: line-through; color: red;">monitor</span> <span style="text-decoration: line-through; color: red;">your</span> <span style="text-decoration: line-through; color: red;">expenses</span> <span style="text-decoration: line-through; color: red;">every</span> <span style="text-decoration: line-through; color: red;">day</span><span style="text-decoration: line-through; color: red;">.</span> <span style="text-decoration: line-through; color: red;">This</span> <span style="text-decoration: line-through; color: red;">would</span> <span style="text-decoration: line-through; color: red;">help</span> <span style="text-decoration: line-through; color: red;">you</span> <span style="text-decoration: line-through; color: red;">ascertain</span> <span style="text-decoration: line-through; color: red;">the</span> <span style="text-decoration: line-through; color: red;">amount</span> <span style="text-decoration: line-through; color: red;">that</span> <span style="text-decoration: line-through; color: red;">you</span> <span style="text-decoration: line-through; color: red;">can</span> <span style="text-decoration: line-through; color: red;">afford</span> <span style="text-decoration: line-through; color: red;">to</span> <span style="text-decoration: line-through; color: red;">repay</span> <span style="text-decoration: line-through; color: red;">your</span> <span style="text-decoration: line-through; color: red;">credit</span> <span style="text-decoration: line-through; color: red;">card</span> <span style="text-decoration: line-through; color: red;">debts</span><span style="text-decoration: line-through; color: red;">.</span> <span style="text-decoration: line-through; color: red;">Experts</span> <span style="text-decoration: line-through; color: red;">recommend</span> <span style="text-decoration: line-through; color: red;">that</span> <span style="text-decoration: line-through; color: red;">simply</span> <span style="text-decoration: line-through; color: red;">paying</span> <span style="text-decoration: line-through; color: red;">$</span><span style="text-decoration: line-through; color: red;">50</span> <span style="text-decoration: line-through; color: red;">more</span> <span style="text-decoration: line-through; color: red;">per</span> <span style="text-decoration: line-through; color: red;">month</span> <span style="text-decoration: line-through; color: red;">can</span> <span style="text-decoration: line-through; color: red;">be</span> <span style="text-decoration: line-through; color: red;">of</span> <span style="text-decoration: line-through; color: red;">great</span> <span style="text-decoration: line-through; color: red;">help</span><span style="text-decoration: line-through; color: red;">.</span><br /><br /><span style="text-decoration: line-through; color: red;">You</span> <span style="text-decoration: line-through; color: red;">should</span> <span style="text-decoration: line-through; color: red;">try</span> <span style="text-decoration: line-through; color: red;">to</span> <span style="text-decoration: line-through; color: red;">pay</span> <span style="text-decoration: line-through; color: red;">higher</span> <span style="text-decoration: line-through; color: red;">than</span> <span style="text-decoration: line-through; color: red;">the</span> <span style="text-decoration: line-through; color: red;">minimum</span><span style="text-decoration: line-through; color: red;">.</span> <span style="text-decoration: line-through; color: red;">The</span> <span style="text-decoration: line-through; color: red;">debts</span> <span style="text-decoration: line-through; color: red;">would</span> <span style="text-decoration: line-through; color: red;">begin</span> <span style="text-decoration: line-through; color: red;">to</span> <span style="text-decoration: line-through; color: red;">wane</span><span style="text-decoration: line-through; color: red;">.</span> <span style="text-decoration: line-through; color: red;">Paying</span> <span style="text-decoration: line-through; color: red;">higher</span> <span style="text-decoration: line-through; color: red;">than</span> <span style="text-decoration: line-through; color: red;">the</span> <span style="text-decoration: line-through; color: red;">minimum</span> <span style="text-decoration: line-through; color: red;">not</span> <span style="text-decoration: line-through; color: red;">only</span> <span style="text-decoration: line-through; color: red;">pays</span> <span style="text-decoration: line-through; color: red;">down</span> <span style="text-decoration: line-through; color: red;">the</span> <span style="text-decoration: line-through; color: red;">interest</span> <span style="text-decoration: line-through; color: red;">but</span> <span style="text-decoration: line-through; color: red;">also</span> <span style="text-decoration: line-through; color: red;">the</span> <span style="text-decoration: line-through; color: red;">principal</span><span style="text-decoration: line-through; color: red;">.</span> <span style="text-decoration: line-through; color: red;">It</span> <span style="text-decoration: line-through; color: red;">would</span> <span style="text-decoration: line-through; color: red;">also</span> <span style="text-decoration: line-through; color: red;">shorten</span> <span style="text-decoration: line-through; color: red;">the</span> <span style="text-decoration: line-through; color: red;">repayment</span> <span style="text-decoration: line-through; color: red;">tenure</span><span style="text-decoration: line-through; color: red;">.</span> <span style="text-decoration: line-through; color: red;">You</span> <span style="text-decoration: line-through; color: red;">can</span> <span style="text-decoration: line-through; color: red;">use</span> <span style="text-decoration: line-through; color: red;">the</span> <span style="text-decoration: line-through; color: red;">credit</span> <span style="text-decoration: line-through; color: red;">card</span> <span style="text-decoration: line-through; color: red;">minimum</span> <span style="text-decoration: line-through; color: red;">payment</span> <span style="text-decoration: line-through; color: red;">calculator</span> <span style="text-decoration: line-through; color: red;">to</span> <span style="text-decoration: line-through; color: red;">find</span> <span style="text-decoration: line-through; color: red;">out</span> <span style="text-decoration: line-through; color: red;">how</span> <span style="text-decoration: line-through; color: red;">your</span> <span style="text-decoration: line-through; color: red;">repayment</span> <span style="text-decoration: line-through; color: red;">term</span> <span style="text-decoration: line-through; color: red;">is</span> <span style="text-decoration: line-through; color: red;">reduced</span> <span style="text-decoration: line-through; color: red;">by</span> <span style="text-decoration: line-through; color: red;">raising</span> <span style="text-decoration: line-through; color: red;">your</span> <span style="text-decoration: line-through; color: red;">payments</span><span style="text-decoration: line-through; color: red;">.</span></p><span style="text-decoration: line-through; color: red;"></span>https://archive.freecapitalists.org:443/wikis/howto/how-to-pay-off-debt-quickly-and-easily/revision/1.aspxMon, 18 May 2009 05:35:04 GMT944abf2b-d1be-4bf2-990d-438cb0e377e9:1783Carolhttps://archive.freecapitalists.org:443/wikis/howto/how-to-pay-off-debt-quickly-and-easily/comments.aspxRevision 1 posted to How-To Wiki by Carol on 5/17/2009 11:35:04 PM<br /> <p>While charging up your credit cards, you don&rsquo;t realize that how big the repayment issue can become. When you are neck deep in debt and just paying the minimums and nothing else, it is better that you become serious about how to <a href="http://www.debtconsolidationcare.com/"></a><a href="http://www.debtconsolidationcare.com/">pay off debt </a>soon. <br /><br />According to the debt professionals, the most effective way to eliminate your debts is to knock off the balance with the highest interest rate in the beginning. When this debt is repaid, go for the debt that has the second highest interest rate.&nbsp; <br /><br />You should always remember to settle the debt with the highest interest rate initially. You must take stock of your bills according to the interest rates instead of the amount of balance. <br /><br />You can also adopt an alternative plan by paying off the debt with the smallest balance first. It can give you the momentum that you require to follow a pay-down strategy. As soon as those small balances disappear, you should return to plan A: get the money that has been earmarked for paying those bills and utilize it towards the debt that has the highest rate of interest.&nbsp;&nbsp;&nbsp;&nbsp; <br /><br />The secret of being successful in debt repayment is sincerely following a useful pay-down strategy. Don&rsquo;t take a break from making the minimum payments while you are getting the bills repaid.<br /><br />You should think prior to doing something. Analyze your finances and find out how much you can practically manage to pay on a monthly basis. You should monitor your expenses every day. This would help you ascertain the amount that you can afford to repay your credit card debts. Experts recommend that simply paying $50 more per month can be of great help.<br /><br />You should try to pay higher than the minimum. The debts would begin to wane. Paying higher than the minimum not only pays down the interest but also the principal. It would also shorten the repayment tenure. You can use the credit card minimum payment calculator to find out how your repayment term is reduced by raising your payments.</p>