"Some people are so poor, all they have is money."--Unknown
We intended to talk about something else this week, but we got sidetracked when Tim confessed his current financial situation. We get into how money stress can dampen our creativity and intimidate us into making bad decisions. Find out how Jelly paid off her $20,000 debt in less than a year using the method below.
Our relationship with money is really twisted, and it really shouldn't be. Lets straighten it out!
We also discover how rich we really are, and it has everything to do with the things money can't buy.
The 10% Debt Recovery Plan:
Look at all your credit cards and determine the one with the highest interest rate. Pay 10% of the balance on that card, and the minimum payment on all the others.
When that card is paid in full, roll that card's payment amount into the payment of the card with the next highest interest rate. In other words, add it to the minimum payment you are already making.
When that card is paid off roll that entire payment into the next highest interest card, and keep doing that until all your cards are paid off. Ta-Dah!