Paying the minimum payments on your debt make things extremely expensive and keep you in debt for the longest time. Here are couple tips to improve your current debt management practices:
- Stop adding any new debt
- Trim your daily cost of your caffeine fix and eating launch at work. This should help you save a minimum of $5 per day which adds to $150 per month. Add the $150 to the minimum payment of your highest debt. Pay that amount on that debt until that debt is paid off, while paying the minimum on the other debt. Once that debt is paid off, add the amount you used to pay that debt to the next minimum debt in line. Pay that debt until is paid off, while paying the minimum on the other debt. Repeat this process until you become debt free.
Adopting these few tips will get you out of debt in record time. Being debt free has its privileges.