Step 1: Collect all your most recent debt statements.
Make a list of all your debts: Debts have interest. We will work on the monthly bills/expenses at a later time,
for now I want you to create a financial plan to get out of debt as quickly as possible. This should take abotu
five minutes.
Next get a piece of paper or use your favorite spread sheet program or use the Rapid Debt Reducer
software
Create 7 columns.
- Enter the Name of the Debt
- Total Remaining Balance
- Interest Rate
- Amount going to Interest
- Amount Going to the Principle
- The Actual Monthly Payment: Interest + Principle
- Mos To Payoff: Divide the Balance by the Monthly Payment.
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