Getting out of debt has been a fierce focus for me over the last several years. We recently purchased a new home and are currently in some significant debt. I’ve used the techniques I talk about in this series to drop our previous 15 year mortgage to an 8 year mortgage.
These are also the same steps I’ve used to develop a plan to put me on course to pay off my 30 year mortgage in half the time without significantly compromising my lifestyle. My goal with this series is to help you get a better understanding of how you relate to your money and how to improve your finances. The focus will be on defining a debt repayment plan, exploring debt repayment strategies, and developing a well-informed plan of attack to eliminate your debt as quickly as possible.
Because the sooner you’re debt free, the sooner you are free. Free to live your life on your terms, not loan terms.
Just imagine what life would feel like if you didn’t have to worry about paying off debt.
What to Expect
1. What it is and why it’s important
2. Where to Begin (Calculating your debt pay-off date)
3. The best way to apply extra payments
4. Making better financial choices
5. Creating strong financial goals
6. Putting it all together
When to Expect It
I’ll be posting series posts on Friday mornings. All posts will be listed as part of the series (DRS #).
Preview: Why Having A Debt Repayment Plan is Important
Developing a debt repayment plan is extremely important part of becoming debt-free. The repayment plan is your guide to how much money you will put towards your debt(s) on a monthly basis.
What is a debt repayment plan?
A debt repayment plan is an action plan for how you will tackle your debt and attain your ultimate goal of being debt free. This is everything from the total of all your debts to the order you will pay off your debts in to the amount of month you contribute to repayment monthly.
I know a few people that are working towards become debt free because they feel the pressure and anxiety of being in debt. They are not comfortable being in debt. Unfortunately, many people have not addressed their debt situation and are ignoring the severity of it all.
Stay tuned for the full first post!