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30 Days to a better man<br />
ily is carrying $8,000 to $10,000 in credit card debt, and that doesn’t even<br />
include the amount they owe on new cars!<br />
People have awoken from their orgy of spending with a nasty, debt-filled<br />
hangover. Even if you’re not hurting too bad from debt that you’ve taken<br />
on, paying down your debt is definitely the manly thing to do. Being debtfree<br />
grants you an unmatchable feeling of independence and self-respect.<br />
There are several ways to go about attacking your debt. Below we provide<br />
two suggestions. But the first thing you need to do is figure out how much<br />
can afford each month to pay down your debt. So let’s start there.<br />
Note: Many financial experts recommend you start an emergency fund before<br />
you start paying down debt. The choice is yours.<br />
Come Up with Your Monthly Debt Nut<br />
If you haven’t been paying anything towards your debt or if you haven’t<br />
been paying very much because you feel as though there isn’t any wiggle<br />
room in your monthly income, then the first thing you need to do is figure<br />
out exactly how much you can pay towards your debt each month by completing<br />
a monthly budget.<br />
Go back to your budget that you created a few days ago. How much<br />
do you have set aside for paying down debt? Could you set aside more?<br />
You might be thinking to yourself, “There’s no money left to go towards<br />
paying down my debt! I’ve reached my limit.” But I’ve found if we look<br />
hard enough and are willing to sacrifice, we can always find more money<br />
that can go towards paying down our debt. For example, you could get rid<br />
of cable, share one car with your spouse, or take your lunch to work instead<br />
of eating out. Do enough of these little things and you’ll quickly have a nice<br />
wad of cash that can go towards paying down your debt.<br />
Option #1: Pay Off the Debt with the Highest Interest Rate First<br />
Paying off your debt with the highest interest rate first makes the most economic<br />
sense. By tackling the loans that are costing you the most in interest,<br />
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