June 24, 2008
Roll up that credit card debt
There are many ways to deal with debt. Which one you decide to go with depends on your situation. One of the best Consumer Debt Solutions is a debt roll up strategy. Take a look at all your credit card balances, start with the smallest one. Each month pay the minimum payment plus an additional sum called an accelerator amount. Make sure you can afford this same amount month after month! Once you have paid off the first card, add the total payment to the next lowest balance card – the minimum on that one plus the payment amount you were paying to the already paid off card, including accelerator amount. Keep this up until all cards are paid off. Then focus on your mortgage. If you can stick with this for 10 years, you will find yourself completely out of debt!