Make a list - Do you know who you owe? Make a list of your unsecured debt, including the name of the card, the total amount due, the interest rate, and the minimum balance. An accountant told me that paying the minimum payment is not a crime. That's the contract. But it makes money for the credit card company because you are paying a lot to borrow that money.

Develop your strategy - Pick which card's faster repayment will benefit you most quickly. Pick either the card with the lowest balance for a quick bit of satisfaction or the card with the highest interest rate. Figure out how much more per month you can pay because of cutting back on spending elsewhere in your budget.

Attack - Now pay more than the minimum on the card that you have focused on. Pay the minimum on the other debt. Focus your strategy! That will make the impact more obvious and satisfying.

Keep on keeping on - As that card is paid off (SWEET!), focus your efforts on the next card and use all the money from the first card's minimum and additional payment to target and attack the second card. When you have paid THAT one off, move all the money from the first AND second cards' minimums and additional payments into the third card's payment. And then the next one and the next.

Have a party! Good job! Life is a journey. You may not be partying right now, but have a good goal and someday soon, you will get to the finish line!


Marion R. Syversen, MBA - President
NorumbegaFinancial
207.862.2952
Marion@NorumbegaFinancial.com
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