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8 months ago

Better Man

30 Days to a better man

30 Days to a better man The benefit of the debt snowball plan is psychological. By having success paying off small debts first, you’ll receive instant positive feedback that can encourage you to continue paying down your debt. The drawback to the snowball method is that you’ll end up paying more in interest than you would if you went after the debt with the highest interest rate first. However, if the idea of paying off a $10,000 credit card bill seems too daunting, go after the low hanging fruit by paying off the $2,000 bill first. It will hopefully get you started down the path of reducing your debt. Today’s Task: Start Paying Down Your Debt We’re not going to pay off our debt overnight, but we can at least get started. Today’s task is to sit down and establish a debt reduction plan. Debt Repayment Plan Either list your debts from highest interest rate to lowest rate or least debt amount to highest depending on which debt repayment plan you want to do. Creditor / Amount / Interest Rate ___________________ / _________________ / _________________ ___________________ / _________________ / _________________ ___________________ / _________________ / _________________ ___________________ / _________________ / _________________ ___________________ / _________________ / _________________ 162

Brett and Kate McKay How much extra can I afford each month to pay down my debt? _________________________________________________________ 163