Eliminate Your Debt Faster With Debt Stacking

You pay the minimum on your credit cards and it still seems like you’ll be paying on them forever. You feel like a sinking ship. It seems more you try to pay on your credit cards and debts the more interest and late fees the creditors tack on. This can get very frustrating after a while and cause you to loose site of your goal of once and for all eliminating your debt.

How you pay your debts can affect how soon you will finishing paying them off. Even if you keep paying the same amount on your debts each month there’s a way to pay them off. There is of course a debt consolidation loan, but if you’re not eligible or are not interested then there are several other things you can do.

It’s not always the easiest to figure out the mathematics, but there are three steps to quicker debt relief - guaranteed.

1. Create a list.

List your smallest debts first followed by your largest high-interest debts (credit card) and then your largest low-interest debts (Lines of credit and taxes).

Plan to pay the minimums on all debts with these goals in mind:

2. Pay small bills first.

They might not be the highest interest, but each bill that you’re paying some interest on means you’re usually only paying minimal amounts on the principal. Multiple debts are a sure way to make you feel hopeless like you will never get out of the hole. Paying off small debts first is a fast way to start getting rid of your debts and giving you some peace of mind.

3. Add free funds to the next debt.

When one debt is paid off add the funds to the next debt. For example, say you are making a $100 payment to a small debt. When that debt is cleared add the $100 to the next debt on your list. If the next debt had a minimum payment of $100, you’ll now pay $200 until it is paid off. When that one is completed, take the $200 and add it to the next payment and so on.

4. Save the cash.

Do not forget that when your debts are cleared you’ve set yourself up for a great financial future. The best way to take advantage of your new situation is to use all the money you were spending on debts and start investing or saving it each month.

With this strategy your debts will clear faster meaning you’ll pay less interest, you will see progress as you clear small debts first, and you’ll not be tempted to use the funds for personal use instead of debt repayment.

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