#004: Pay Down Debt In 4 Simple Steps

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“Some debts are fun when you are acquiring them, but none are fun when you set about retiring them.” – Ogden Nash

Description

Debt is an all-too-common theme for most people. If left unchecked, it can haunt you for the majority of your life.

The reason debt can become such an issue is people often don’t have a plan for paying it down. This can create a lot of stress and anxiety.

The best way to avoid unnecessary stress, and to protect your financial future, is to create an actionable plan that will help you take positive steps toward eliminating your debt.

In today’s show we’ll go over the 4 step process you can take in order to accelerate your debt payment.

4 Steps To Paying Down Debt:

1 – Get your ducks in a row – Understand your debt balances and interest rates. Use an account aggregation tool like Mint.com
2 – Set up auto payments for your minimum balances to make sure you never miss a payment and hurt your credit score.
3 – Use CC balance transfers with 0% APR to help you pay down your cards faster.
4 – Have an emergency fund to protect your debt payment plan.