How to create a plan for debt payment

Once you decide that you want to get out of debt need to create a plan for payment of arrears. It is important to understand that through the use of your money in the debt at once, you will greatly speed up the process of debt. If you work hard you'll be surprised how quickly you can pay your debt
Difficulty: Easy
Time: 60 minutes
Here's how:
1. First, you need to make a list of all debts that you have. Your list should include the minimum payment amount, interest rate and how much you owe.
2. Secondly, you need to rank your debt in the order you want to pay for them. Some experts recommend that comes from small to large, as it provides a momentum going. Others recommend a list of debts from the highest to the lowest interest rates since it will save you the most money.
3. Third, you will need to decide how much money you have in a month to pay its debts. You may have to cut spending in other areas, so that you have the money to put your plan to repay debt. You can also decide to take on part-time work or to receive payment for overtime hours. Additionally, you can use all the means that you get from gifts, benefits or tax returns for your debt.
4. Fourth, to pay any additional money to the debt on your list, with a minimum on all other charges. After you have paid her to leave to move to the next debt on your list, with an additional plus the current minimum payment. Keep doing this until you have passed all the items on your list.
5. Fifth, put most of the additional money you now have in savings. Soon your money start working for you. Make sure that you cut and cancel your credit card as you are finished. Thus, you should never do that again.

What you need:
* The most recent statements from your credit card and other loans.
* Calculator.
* Your budget.
* Paper and pencil.

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