How to Delete Debt Fast Using Your CURRENT Income!
It is absolutely possible in most cases, and with strategy, to delete your debt within your current income, although increasing your income does make this easier and faster to accomplish; the first order of business is to start, and to start from where you are, within your current income. As you delete the debt, you will find your current income develops more wiggle room allowing the debt payment process to exponentially increase.
A 51 year old client of mine brings home $50K per year after taxes or approximately $4166/month . His family’s living expenses (mortgage, car, groceries etc.) actually only total $3600/month so theoretically, he could set aside/invest $566/month toward retirement. The problem is, consumer debt repayment demands another $2700 per month in minimum payments, so there should be no surprise that some of his debts go ignored, and the few he does pay quickly sucks that extra $566, leaving him with nothing for any quality of life. Depression comes knocking and a cycle of hopelessness and helplessness sets in.
Wanting a change to that spin, he becomes a student of Debt Free Wealth Academy, our money education organization dedicated to helping those who desire Lifestyle UPGRADES the Debt Free Wealth Way. I immediately recommended he enrolls in Debt Wise (TM) an Equifax product.
How to Delete Debt Fast!
Equifax’s Debt Wise (TM) product displays all the debt reported to the credit bureaus – you know, the ones that impact your credit score; the same ones that have, or will have collectors breathing down your neck. It looks at the minimum payment requirements, interest rates charged, balances etc. and projects a FAST PAY PLAN recommendation taking into consideration the amounts you are already paying in, and reshuffles the deck.
With the Fast Pay Plan, you now have the tool and the strategy to delete debt.
When you pay more than the minimum on any debt, you will chip away at the premium owed. However, with the Debt Stacking strategy of the Fast Pay Plan, rather than pay a bit more on several debts, pay all the extra to the first debt on the Fast Pay Plan, while paying the minimum on the others. After you delete the first debt, transfer all the payment to the next. See how this works here.
CRUSH your Debt!
The idea is not to begin using the extra money from debt deletion to buy more stuff. To enjoy debt free wealth, you must have a focused determination to delete debt – all debt! While a mortgage is likely to be the last debt on your Fast Pay Plan, decide to pay that off too. If the day should come that you lose your job or your ability to earn an income, or you are ill for an extended period of time, or you die – freedom from mortgage debt will be the best gift you give yourself and your family. Now, that $4166 my client earns, when he successfully deletes all his debt, will be 100% available for a quality of life experiences and retirement planning.